Trade representatives from the US and European Union have met to discuss plans to improve bilateral trade relations.
Robert Lighthizer, US trade representative, met with the EU commissioner for trade, Cecelia Malstrom, earlier this week to initiate the Executive Working Group to improve trade relations between the United States and the European Union.
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Points raised in the July meeting between US President Donald Trump and the president of the EU Commission, Jean-Claude Juncker were addressed.
At that meeting, Trump said the aim is to strengthen the trade relationship between the two regions, which already have a US$1trn in bilateral trade – the largest anywhere in the world.
Earlier this year, the relationship between the two sides quickly became strained as the EU issued higher duties on US products, including clothing, as part of a response to the punitive tariffs by the Trump administration on imports of steel and aluminium.
The July meeting between Trump and Juncker also saw both sides agree to work toward zero tariffs.
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By GlobalDataIn 2017, the European Union (EU) remained the US’ top trading partner in terms of two-way merchandise trade, followed by China, Canada, and Mexico, according to the International Trade Commission’s annual review of trade-related activities.
Lighthizer and Malstrom will meet again at the end of the month (25 September) to continue talks. In October, professional staff will hold further discussions on identifying and reducing tariff and non-tariff barriers to trade. Ministers will then meet in November to finalise outcomes in a number of areas.
“Specifically, we hope for an early harvest in the area of technical barriers to trade,” a press release from the Office of the USTR read. “We look forward to each party pursuing their domestic processes for negotiating mandates. USTR will begin consultations with Congress pursuant to Trade Promotion Authority to facilitate negotiations on longer-term outcomes.”
Speaking to just-style today, a source from the European Commission added: “It was a constructive and forward-looking meeting, during which both sides identified their priorities and discussed the way forward and how to achieve concrete results in the short to medium term. To deliver on what was agreed by the two presidents, several technical and political level meetings will take place over the next weeks.”
