Statement-I is correct as the Trade and Technology Council was indeed launched by the USA and the EU to enhance cooperation on trade and technology issues, addressing shared global challenges. Statement-II is incorrect because the council's primary aim is not to exert control over technological progress or physical productivity but to establish a framework for collaboration, regulatory alignment, and addressing challenges posed by non-democratic nations, thereby fostering innovation and fair competition. This reflects a broader trend in international relations where cooperative frameworks are prioritized over unilateral control.