Economic relations

Transatlantic Economic Council

The economic relationship between the EU and the US is by far the largest between any two trading blocs in history. Today, the EU and the US are responsible for almost half of world GDP. They share the largest bilateral trading partnership worldwide with nearly a third of world trade flows. Every day, about € 2 billion of transatlantic trade (in goods and services) takes place.

 

Source: Eurostat, November 2013

 

The investment links are even more substantial. The EU and the US are each other’s most important source for foreign direct investment (FDI). In 2012, the EU held a total of € 1,655 billion of direct investment stocks in the US, while the US ad € 1,536 billion in the EU. On 13 May 2008, the first ever EU-US Joint Statement on open investment was issued.

In 2007, the EU and the US launched the Transatlantic Economic Council (TEC)  to address the priorities identified by the Framework for Advancing Transatlantic Economic Integration [47 KB] adopted at the 2007 EU-US Summit. Since the TEC’s inception, it has met six times: on 9 November 2007 in Washington DC, on 13 May 2008 in Brussels, on 12 December 2008, 27 October 2009, 17 December 2010 and 29 November 2011 in Washington DC.

Following the final report of the High-Level Group on Jobs and Growth launched at the EU-US Summit in 2011 and issued in February 2013, the EU and the US are since July 2013 working together on a Transatlantic Trade and Investment Partnership (TTIP). Negotiators are consulting closely with all stakeholders, including civil society, as negotiations progress.

This EU–US bilateral trade relationship should also be seen in the broader multilateral context. The EU–US partnership was one of the key driving forces behind the launch of the Doha Development Agenda (DDA) round of negotiations.


Multimedia

HRVP's visit to New York

NEWS - EbS SPECIAL

Jean-Claude JUNCKER, President of the EC, and HRVP Federica MOGHERINI welcome US Vice-President Joe BIDEN

LIVE Arrival of Joe BIDEN, US Vice-President at the European Commission

Joint press point by Federica MOGHERINI and John KERRY in Washington

- Joint press point by Federica MOGHERINI and John KERRY, US Secretary of State

Federica MOGHERINI in Washington

HRVP Federica MOGHERINI in Washington