Renew Europe welcomes the outcome of the first EU-US Trade and Tech Council and expects more to address global trade challenges

Author: Jennifer Emilie Richard

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The Renew Europe Group in the European Parliament welcomes the outcomes of the EU-US Trade and Tech Council (TTC), which took place in Pittsburgh over the last two days. "We now have the opportunity to address the trade and tech challenges of the future together, such as developing common standards for new technologies. Together, the EU and the US can shape global rules based on our liberal values", declared Liesje Schreinemarcher, Renew Europe MEP who is shadow rapporteur for EU-US trade relations in the Committee on International trade.

This Trade and Tech Council has demonstrated that the European Union and the United States can work closely together in a way to improve free, fair and competitive Transatlantic trade, and to jointly address labour rights, human rights and environment challenges in global trade. Renew Europe welcomes the will of the EU and the US to avoid new unnecessary barriers to trade. The de-escalation that started a few months ago must continue between the two continents.

As our group underlines in its position paper on the relations between the European Union and the United States, both continents have the most integrated economic relationship in the world and the largest and deepest bilateral trade and investment relationship. Renew Europe remains convinced that the EU and the US must have a constructive and positive agenda that focuses on long-term interests as equal partners. Liesje Schreinemacher: "As key partners, we have to keep in mind that our economy and security cannot be separated. Which is why we should help each other to identify the risks of foreign investments to our security and prevent dual-use goods from falling into the wrong hands. I hope that the Trade & Tech Council will make serious work on tackling unfair foreign subsidies, for which we urgently need new global rules". Renew Europe welcomes the commitment of the EU and the US to share information to assess third country non-market distortive practices.

This first Council is a first step and must not be the last. Renew Europe expects that the next meetings will lead to concrete proposals and solutions. Renew Europe will be attentive and will continue to be proactive on these important issues.