The EU-U.S. summit on June 15 marked the beginning of a renewed transatlantic partnership and set a joint agenda for EU-U.S. cooperation. The leaders committed to regular dialogue in a number of areas, including aircraft subsidies, technology, climate, taxation and vaccines. The outcome of the summit underscores the determination of the EU and the U.S. to shape the global economy’s future direction around the values of democracy, rule of law, open trade and fair competition. Among one of the most significant announcements was an agreement on the aircraft disputes, accompanied by a pledge to suspend application of USD11.5 billion in tariffs. The removal of the tariffs will provide significant relief for businesses on both sides of the Atlantic.

Key summit deliverables include three major new trade initiatives:

• Create a Cooperative Framework for Large Civil Aircraft
• Engage in discussions to resolve differences on measures regarding steel and aluminium by the end of the year
• Establish an EU-U.S. Trade and Technology Council

The EU and the U.S. are determined to foster a fair, sustainable and modern international tax system and cooperate to reach a global consensus by mid-2021 on the question of taxation of multinational companies within the OECD.

The leaders also addressed a wide range of other pressing geopolitical, foreign policy and security issues of common concern.

The leaders committed to rapidly scaling up technologies and policies that further accelerate the transition away from unabated coal capacity and to an overwhelmingly decarbonized power system in the 2030s, consistent with the EU’s and the U.S.’ respective 2030 NDCs and 2050 net-zero commitments.

The EU and the U.S. intend to jointly drive forward a sustainable and inclusive global recovery, in line with the UN 2030 Agenda for Sustainable Development. They will continue to provide assistance to countries in need, address debt vulnerabilities and stimulate domestic reforms and increased private investment.

The leaders agreed to establish a joint EU-U.S. experts’ working group for the resumption of non-essential safe and sustainable travel between the EU and the United States. They welcomed the progress made in discussions on additional EU member states benefitting from visa-free travel to the U.S., and agreed to continue the dialogue.

The EU and the U.S. have the largest economic relationship in the world. They are committed to growing their bilateral trade and investment relationship and to upholding and reforming the rules-based multilateral trading system. The leaders intend to use trade to help fight climate change, protect the environment, promote workers’ rights, expand resilient and sustainable supply chains and create jobs.

EU-U.S. Summit Statement is available HERE and a short summary is available HERE