Option 1 signifies that both statements are correct and the second statement precisely explains the first one. However, this is not accurate as statement-II isn`t providing a right explanation of why the Trade and Technology Council was established.

Option 2 also suggests that both statements are correct but the second statement doesn`t explain the first one, which is also not accurate as the purpose of the Council as explained in Statement-II is not correct.

Option 3, which is the correct answer, states that the first statement is true - the USA and the EU have indeed launched the Trade and Technology Council. But the second statement is incorrect. The Council is not aimed at bringing technological progress and physical productivity under their control.

Option 4 proposes that Statement-I is incorrect but statement-II is right, which isn`t true as the council has been launched by the USA and EU, but their aim isn`t as described in statement-II.