THE UNITED

STATES AND
EUROPEAN
UNION
Trigozo Saavedra Lillybeth
Rodríguez Paredes Verónica
Philco Insapillo Mary Cielo
The EU and the US represent the oldest
liberal democracies in the world
The European and American definition of
democracy includes freedom of press
and speech and respect for human and
minority rights.

The United States and Europe are some of

the oldest democracies in the world. One
of the European Union’s primary values is
for liberal democracy, including respect
for human and minority rights and
freedom of information and speech.
 SHARED VALUES, PEACE, AND STABILITY

The EU and the United States share a global responsibility to promote common
values, including democracy, peace, freedom, and the rule of law; support and protect
human rights around the world; create conditions for harmonious economic
development worldwide; strengthen the rules-based international system, and
improve the economies of developing countries and those in transition.
 The EU-US economic partnership is the
single most important driver of global
economic growth, trade, and prosperity.

The EU and the United States together

account for 42 percent of both global
GDP and global trade in goods and
services.

The EU and the United States are each

DEEP ECONOMIC TIES other’s main trading partners and
account for the largest bilateral trade
relationship in the world.
CLIMATE, ENERGY, AND SCIENCE

Through obligation to
The EU and the the Paris Agreement,
United States the EU and United
share today’s States agree on the
urgency for need for open,
addressing the transparent,
global climate competitive, and
crisis. sustainable solutions
for a greener future.
 TRADE PICTURE
Bilateral trade and investment support millions of jobs in the EU and the

US. Around 9.4 million people are directly employed. Indirectly, as many

as 16 million jobs on both sides of the Atlantic are supported.

Transatlantic trade reached an all-time

The EU-US trade and investment

high of 1.2 trillion euro in 2021, surpassing

relationship remains strong despite the

pre-pandemic levels by more than 10%. economic challenges related to the Covid-

19 pandemic.
The EU and the United States
After the 2021 EU-US summit, the European Union and the United States released a Joint

Statement announcing a renewed transatlantic partnership for the post-pandemic era,

including on trade. This agenda centres on global health challenges, green growth,

strengthening trade relations, and fostering democratic values for a more secure world.
 The EU-US Trade and Technology Council

The European Union

At the TTC’s
The United States and
The two sides agreed

and the United States

inaugural meeting in
the EU have
to exchange

launched the EU-US

Pittsburgh on 29
established 10
information on

Trade and Technology

September 2021,
working groups, which
investment trends

Council (TTC) at their

the US and the EU
are in regular contact
affecting security,

summit in Brussels on
published a Joint
with stakeholders.
including industry-

15 June 2021. Statement agreeing

Some groups focus on
specific trends, origin

Coordinate
to deepen
developing technology
of investments, and

approaches to key
transatlantic
standards, advancing
types of transaction.

global trade, economic

cooperation supply chain security,
They also agreed to

and technology issues export controls, and

share best practices

investment screening. on analysing and

addressing risk,

focusing on sensitive

technologies and data.

NEGOTIATIONS
Despite the US being the EU’s largest trade and

investment partner, there is no dedicated free trade

agreement between the EU and the US.

THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP (TTIP) NEGOTIATIONS WERE LAUNCHED IN

2013, BUT ENDED WITHOUT CONCLUSION AT THE END OF 2016. THEY WERE FORMALLY CLOSED IN 2019.

TRANSATLANTIC TRADE CONTINUES TO

ENJOY ONE OF THE LOWEST AVERAGE

TARIFFS (UNDER 3%) IN THE WORLD,

GOVERNED BY WORLD TRADE

ORGANIZATION (WTO) RULES.
 The Transatlantic Trade and Investment

Association (TTIA),
The Transatlantic Trade and Investment Association
its critics argue that these would occur at the cost of

(TTIA), known in English as the Transatlantic Trade and

increasing the power of large companies and

Investment Partnership (TTIP) or Transatlantic Free

deregulate the markets, drastically lowering the

Trade Area (TAFTA) or Transatlantic Free Trade Area,

levels of social and environmental protection.
is a proposed free trade agreement ( FTA) between the

GOALS
European Union and the United States
Eliminate, as much as possible, all "customs obligations" between the

EU and the US. This has already been practically achieved, except in

It is currently under negotiations. the agricultural sector where they remain high.

Its defenders argue that the agreement would improve

Reduce, or even eliminate, what the specialized jargon calls non-tariff

the economic growth of the nations that would

barriers. (legal and constitutional norms, rules and regulations

integrate it, would greatly increase economic freedom

allegable of limiting the breadth of economic competition).
and encourage job creation
Provide private corporations with the right to litigate against the laws

and regulations of the various states.

DISPUTES
Trade disputes often grab headlines, but the current disputes only affect around 2% of EU-

US trade. The WTO’s dispute settlement mechanism handles some of these disputes.

Both sides took a decisive step toward resolving the

Airbus-Boeing WTO
dispute, by creating a

Cooperative Framework for Large Civil Aircraft and

suspending related US and EU tariffs for five years.

In October 2021, the EU and US agreed to start discussions

on a Global Sustainable Arrangement on Steel and

Aluminium. In parallel, both sides suspended their

respective tariff rebalancing measures, and agreed to pause

the bilateral World Trade Organization disputes related to

the section 232 steel and aluminium dispute.

THANK YOU