US-EU summit declaration addresses trade, investment and technology cooperation
On June 15, 2021, the United States and the European Union (EU) issued a Summit Declaration trumpeting a “renewed transatlantic partnership” following President Joseph Biden’s first overseas trip as president. The declaration sets out a common transatlantic agenda “for the post-pandemic era, and… regular dialogue to take stock of progress”. The leaders committed to: (i) end the COVID-19 pandemic and “prepare for future global health challenges and advance a sustainable global recovery”; (ii) protect the Earth and promote green growth; (iii) strengthen trade, investment and technological cooperation; and (iv) “build a more democratic, peaceful and secure world”. They also pledged to maintain and advance “the rules-based international order with the United Nations at its heart, to reinvigorate and reform multilateral institutions where necessary, and to cooperate with all who share these goals.”
While addressing trade, investment and technology cooperation broadly, the US and EU are committed to “fostering the digital transformation that drives trade and investment, strengthens our technological and industrial leadership, stimulates innovation and protects and promotes critical and emerging technologies and infrastructures ”. In doing so, a US-EU Trade and Technology Council will be established to focus on:
- develop bilateral trade and investment relations;
- avoid new unnecessary technical barriers to trade;
- coordinate, seek common ground and strengthen global cooperation on technologies, digital issues and supply chains;
- support collaborative research and exchanges;
- cooperate in the development of compatible and international standards;
- facilitate regulatory policy and enforcement cooperation and, where possible, convergence;
- promote the innovation and leadership of American and European companies; and
- strengthen other areas of cooperation.
Regarding the U.S. Section 232 tariffs on steel and aluminum imports implemented under former President Donald Trump and the resulting retaliatory EU tariffs, the statement notes that The United States and the EU will engage in discussions to resolve existing disputes “before the end of the year” and to “resolve tensions resulting from the application by the United States of tariffs on imports from the United States. ‘EU’. The parties pledged to ensure the long-term viability of the US and EU steel and aluminum industries and to tackle excess global capacity.
On other trade issues, the statement mentions (i) the recent framework for cooperation addressing the long-standing dispute between the United States and the World Trade Organization (WTO) over large civil aircraft (see June update 15, 2021); (ii) plans to work cooperatively on meaningful reform of the WTO; (iii) efforts to promote a fair and modern international tax system (see Update to June 2, 2021); (iv) coordination on common concerns regarding China and ongoing human rights violations and respect for international law; (v) a “principled approach” to Russia and its “repetitive pattern of negative behavior and harmful activities”; (vi) opposition to the proliferation of weapons of mass destruction; and (vii) facilitating the return of the United States to the Joint Comprehensive Plan of Action (JCPOA) as well as the full and effective implementation of the JCPOA by Iran.