US President Barack Obama with European Commission President José Manuel Barroso at the April 5, 2009 Informal EU-US Summit in Prague.

As the two greatest powers on the world scene, the relationship between the EU and the US is central and irreplaceable. It has a long, mutually-beneficial history based on shared and strong fundamental beliefs in democratic government, human rights and market economies.

Since its very inception, the process of European Integration has been strongly supported by the US. Without US vision and assistance, the European founding fathers would have had enormous difficulties. That support still exists.

Leaders on both sides of the Atlantic believe that the relationship is valuable at all levels -- for European and American business, civil societies and citizens -- and that it is the task of governments to promote the building of bridges across the Atlantic. Its importance is reflected in trade relations, the fight against terrorism and the handling of crisis and conflicts.

This joint commitment of the EU and the US has found clear expression in the New Transatlantic Agenda of 1995 and the Transatlantic Economic Partnership of 1998. This partnership was further reinforced at the EU-US Summit of 2002 through the launching of a “Positive Economic Agenda” and again at the 2007 Summit with the establishment of the Transatlantic Economic Council.

Bilateral trade between the EU and US amounts to over $1 billion a day; investment links are even more substantial, totaling over $1.8 trillion a year. Each partner creates jobs for about 6 million workers on each side of the Atlantic, and EU-US trade accounts for almost 40% of world trade. But the EU-US economic partnership goes way beyond pure trade matters: it is supported by a number of institutionalized dialogues and regulatory cooperation between the partners.

Through continued dialogue and cooperation the EU and US also work together to promote global peace, stability and democracy.

On a global level, the EU and US are major powers and as such have a global responsibility. Exercising that power and responsibility effectively inevitably means working together. In that respect the EU and US are jointly promoting democracy, freedom, stability and prosperity throughout the world. Whether it is in the Middle East, Afghanistan or the Balkans, Europe and the US can only succeed in advancing these values if they act together. Together the EU and US are committed to the challenge of alleviating poverty and disease and provide almost 80% of global development assistance.

To respond to global threats and protect their citizens, intensive EU-US discussions have taken place since 9/11, which have yielded strengthened cooperation and coordination in the fields of counterterrorism and domestic security. As a result, an Enhanced Security Dialogue on transport and border security was established in 1994, yet another example of the willingness to tackle challenges together.

"EU-US relations have had a positive, fresh start under the new administration of President Obama, and the [European] Commission is working hard to contribute its fair share to our common, reinvigorated agenda." EU Commissioner for External Relations and European Neighborhood Policy, Benita Ferrero-Waldner (below, left, with US Secretary of State Hillary Rodham Clinton), March 25, 2009.