Facts and Figures
Facts and Figures on the European Union and the United States
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Landmarks in EU-US Cooperation
The European Union and the United States are the two largest economies in the
world. They account together for about half the entire world economy. The EU and
the US have also the biggest bilateral trading and investment relationship.
Transatlantic flows of trade and investment amount to around $1 billion a
day, and, jointly, our global trade accounts for almost 40% of world trade. By
working together, the US and the EU can promote their common goals and interests
in the world much more effectively.
Diplomatic Relations
The United States has maintained diplomatic relations with the European Union
and its forerunners since 1953, when the first US Observers to the European Defence
Community and the European Coal and Steel Community were nominated. In 1961, the
US Mission to the European Communities - now
the European Union - was established. The European Commission is represented in
the United States by a
Delegation in Washington, which was established in 1954 largely thanks to
the work of the then President of the ECSC, Jean Monnet. A
New York office, accredited as observer to the United Nations, was established
in 1964. In 1971 the Washington office became a Delegation with full diplomatic
privileges and immunities. The Delegation represents the European Commission in
its dealings with the US government. It reports on US developments to headquarters
in Brussels and acts as a liaison with other international institutions in Washington,
DC.
Transatlantic Cooperation
The landmarks in EU-US relations in recent years are the
Transatlantic Declaration, the
New Transatlantic Agenda and the
Transatlantic Economic Partnership. The Transatlantic Declaration was adopted
by the US and the EU in 1990. It laid down the principles for greater EU-US cooperation
and consultation. Cooperation in the fields of economy (liberalization, OECD,
competition policy, etc.), education, science and culture and transnational challenges
was established. A machinery of biannual
summits and ministerial meetings, ad hoc Troika/Presidency meetings with the
Secretary of State and briefings on
European Political Cooperation (now CFSP) was set up in the Declaration.
In 1995 the New Transatlantic Agenda (NTA) and the
EU-US Joint Action Plan was adopted. The NTA and the Action Plan provide a
framework for
EU-US
partnership and cooperation across a wide range of activities under four broad
chapters: promoting peace and stability, democracy and development around the
world; responding to global changes; contributing to the expansion of world trade
and fostering closer ties; building bridges across the Atlantic.
In the area of promoting peace and stability the EU and the US are working
together in areas such as the
former Yugoslavia and in the
Middle East Peace Process. The chapter on response to global challenges covers
cooperation in fields such as environment protection, the protection of public
health and law enforcement issues. In the economic area the EU and the US mostly
work together within the framework of the
Transatlantic Economic Partnership and under the multilateral umbrella of
the WTO. In building bridges over the Atlantic, a number of dialogues have been
established. The aim of the dialogues is to work together on the level of civil
society. There are a transatlantic business dialogue,
a transatlantic labor dialogue, a
consumer dialogue, an
environmental dialogue and also the
European Parliament/US Congress and Senate legislative dialogue. Other important projects such
as the EU Centers in the
US are also included under this chapter.
Significant progress has been made since 1995, with the
signature at the EU-US Summit of May 1997 of the Agreement on Custom Cooperation
and Mutual Assistance in Customs Matters; the entering into force on 1 December
1998 of the Mutual Recognition Agreement covering specific goods areas (telecom
equipment, pharmaceuticals, medical devices, electromagnetic compatibility, electric
safety and recreational craft); the EU-US Veterinary Equivalence Agreement aimed
at facilitating trade in live animals and animal products and signed on 20 July
1999; the signature on 4 June 1998 of the EU-US Agreement on the application of
positive comity principles in the enforcement of their competition laws; the Science
and Technology Agreement signed on 5 December 1997, which extends and strengthens
the conduct of cooperative activities between EU scientific institutions and a
range of US government research agencies.
The EU and the US launched the Transatlantic Economic Partnership (TEP) at
the London summit in May 1998. The TEP is an extension of the approach taken in
the NTA. It includes both multilateral and bilateral elements. Bilaterally the
purpose is to tackle technical barriers to trade. The purpose of the second part
is to stimulate further multilateral liberalization – by joining forces on international
trade issues. An innovative aspect of the proposal is to integrate labor, business,
environmental and consumer issues into the process. It is however too early to
say what will come out of this partnership.
In the Bonn Declaration adopted at the 21 June 1999 EU-US summit in Bonn, both
sides committed themselves to a "full and equal partnership" in economic,
political and security affairs. This explicit recognition is a step forward from
the NTA. The Bonn Declaration outlines how the EU and the US want to shape their
relationship over the next decade and is embedded in the NTA process.
As of the April 30, 2007 EU/US
summit, there is now the
Transatlantic Economic Integration Framework, creating the
Transatlantic
Economic Council (TEC).
For the latest EU/US relationship developments, see the results of the most
recent
summit.
For further information about EU-US Relations, visit the
External
Relations Directorate General and the
Trade Directorate General.
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