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Strasbourg/Bratislava – Transatlantic relations between the EU and the United States have been the cornerstone of peace, security, and economic growth for decades. This was stated on Tuesday in the European Parliament (EP) in Strasbourg by the European Commissioner for Trade and Economic Security Maroš Šefčovič, referring to the advent of the new American administration of Donald Trump. He clarified that the EU is ready to deepen and strengthen this vital relationship, reports TASR correspondent.
The European Commissioner added that the EU will engage in meaningful discussions with the USA on common interests, continue working on addressing geopolitical challenges, while the European Commission (EC) will advocate for EU priorities and interests and defend its interests if necessary.
“We will remain focused on our urgent challenges. Strengthening the economy, supporting innovation and competitiveness will remain key priorities. This includes consistency and support in terms of clean and digital technologies, such as batteries and emerging industries,” he said.
He reminded that the EC takes note of the trade policy memorandum that puts America first and which Trump adopted on Monday. He also added that the transatlantic trade and investment relationship is a key artery of the global economy and that no other economies in the world are as integrated as the European and American ones.
“Supply chains stretch across both sides of the Atlantic. The EU and USA have the largest bilateral trade and investment relationship in the world, supporting over 16 million jobs and accounting for 42 percent of global GDP,” he explained.
According to him, in 2023, bilateral trade flows reached 1.6 trillion euros, meaning 870 billion euros in goods trade and 680 billion euros in services. “Daily, goods and services worth over four billion euros cross the Atlantic. European companies in the USA employ 3.5 million Americans. And another million American jobs directly depend on trade with Europe,” said Šefčovič.
He also noted that mutual bilateral investment flows are unparalleled, as the EU and USA have invested more than five trillion euros into their economies (according to 2022 data), and two-thirds of all American overseas assets are in Europe.
“The EU wants to leverage this strong relationship to boost growth, maintain technological leadership, and strengthen resilient supply chains. It would undoubtedly be beneficial for the EU and USA to cooperate at all levels,” said Šefčovič to the MEPs.
He added that the EC takes note of Tuesday’s decisions by the new American administration regarding energy production and export. He clarified that the EU is currently the largest importer of liquefied natural gas (LNG) from the USA, buying over 50% of this commodity from Americans. According to him, the Commission is ready to cooperate with the USA in further strengthening strategic energy cooperation, as it seeks to enhance the Union’s energy security.
On the other hand, he admitted that the EU expresses regret over Washington’s decision to withdraw from the Paris Agreement, which the EU considers the “best hope for all of us.” He pointed out that companies in Europe and America are investing in climate measures, clean technologies, which bring benefits to all citizens. (January 21st)