The historic and longstanding relationship between the European Union and the United States is based on shared values and a strong fundamental belief in democratic government, the rule of law, human rights, and the market economy. The EU-U.S. partnership includes not only political, trade and economic relations, but active cooperation between the EU and the U.S. encompassing such global challenges as promoting energy security and efficiency, combating climate change, and helping developing nations lift themselves out of poverty, a goal toward which the EU and the U.S. together provide 80 percent of official development assistance worldwide. The partners also cooperate in additional policy areas including counterterrorism, crisis management, research and development, and education and training.

Perhaps the most defining feature of the global economy, the EU-U.S. economic relationship accounts for more than 30 percent of global trade in goods and 40 percent in services. The two economies each provide the other with its most important source of foreign direct investment and close to a quarter of all EU-U.S. trade consists of transactions within firms based on their investments on either side of the Atlantic. In fact, U.S. investment in Europe ($2 trillion) was nearly four times more than in all of Asia at the end of 2009. The overall transatlantic workforce is estimated at 15 million workers—about half in the U.S. and half in the EU—who owe their jobs directly or indirectly to companies from the other side of the Atlantic.

The EU and the U.S. hold regular presidential summits, which were launched with the 1990 Transatlantic Declaration that formalized relations between the partners. The framework for the relationship was established in 1995 with the New Transatlantic Agenda, which outlined four areas for joint action which include promoting peace, stability, democracy, and development; responding to global challenges; contributing to the liberalization and expansion of world trade; and improving communication and ensuring a long-term commitment to the partnership.

In addition, the EU and the U.S. engage in thematic dialogues—on business, consumer issues, and among legislators—and foster people-to-people contacts through educational programs, grant competitions, support for a network of U.S. Centers of Excellence, and the European Union Visitors' Program.