Leaders of the US and the EU are preparing to meet in person in Brussels on 15 June for the first time since 2014. As a community of business associations in Europe, AmCham business community sees the summit as a critical milestone for the global agenda. That is why AmChams in Europe, including AmCham Latvia, have signed the joint statement, calling for a three-pronged agenda, focused on reducing barriers to trade; ensuring both sides of the Atlantic come out of the pandemic with stronger, more resilient economies; and seeking new areas for convergence and leadership as we transition towards a greener, digitalized international economy.
1. Reducing barriers to trade:
- The business community wants to see both sides build on the positive early steps taken to resolve ongoing tariff disputes, by working together to overcome the root issues at the WTO. • We also call on the two sides to work to remove trade barriers by progressively pursuing by-sector agreements to reduce tariffs, as well as developing deeper regulatory cooperation.
2. Ensuring economic recovery:
- As we move beyond the COVID-19 pandemic, it is vital that both sides fully utilize the fiscal and monetary firepower at their disposal to foster a balanced economic recovery that addresses existing structural flaws within their markets. ‘Building back better’ must be about bolstering the resilience of markets, businesses and workers to deal with future economic shocks. High ambition must be the goal on both sides of the Atlantic.
- Travel between the U.S. and the EU must be reinstated at the earliest possible opportunity. Many industries rely on movement of people across the Atlantic – the longevity of these industries and the businesses and workers therein is at risk if the lifting of travel restrictions is delayed.
3. Converging on a greener, digital future:
- Emerging issues such as the climate emergency and the digital transformation will be fundamental to the future path of humanity. We need transatlantic leadership on these issues to ensure that the values that both sides espouse are deeply embedded in the economic model of tomorrow.
- The business community wants to see the EU’s proposal for a Trade and Technology Council be taken up, as a forum to advance regulatory cooperation and mutual recognition of standards, and to avoid potential future disputes between the two sides.
The statement is available HERE