On Thursday, 12 November AmCham EU submitted its response to the European Commission’s trade policy review. The EU’s new trade strategy is an opportunity for the EU to reassert its leading role as a global, open market. Ambitious rules-based trade policies can protect European values, while driving innovation and inclusive growth that benefits all citizens. A robust trade agenda is critical to European innovation and prosperity. The global disruptions created by COVID-19 have highlighted the importance of strong, secure and diverse supply chains. In light of this, the EU is reviewing its trade policy. AmCham EU supports strengthening trade policy around three key priorities: building resilience, competing on even footing and rebooting multilateralism. Read our positions here.
AmCham EU issues response to European Commission trade review
On Thursday, 12 November AmCham EU submitted its response to the European Commission’s trade policy review. The EU’s new trade strategy is an opportunity for the EU to reassert its leading role as a global, open market. Ambitious rules-based trade policies can protect European values, while driving innovation and inclusive growth that benefits all citizens. A robust trade agenda is critical to European innovation and prosperity. The global disruptions created by COVID-19 have highlighted the importance of strong, secure and diverse supply chains. In light of this, the EU is reviewing its trade policy. AmCham EU supports strengthening trade policy around three key priorities: building resilience, competing on even footing and rebooting multilateralism. Read our positions here.
The full benefits of trade can only be reaped if there is a suitable international environment, including cooperation with key countries. That is why AmCham EU is also releasing today its EU-China economic trade and investment relationship position. The growing Chinese domestic market represents significant opportunity for business, but it is still considerably less open than the EU’s market. The paper considers how to address specific Chinese market behaviours to ensure fair competition on a global level playing field.
Finally, the EU and the US are each other’s most important partners. AmCham EU has published a paper on EU-US cooporation along with a summary highlighting areas where the transatlantic relationship could be strengthened.
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Reacting to the vote, Malte Lohan, CEO, AmCham EU, welcomed the Parliament’s decision as a necessary step towards a more predictable transatlantic marketplace: ‘The Parliament today has taken a decision that helps put the EU-US trade and investment relationship back on track. It is the right signal for businesses that have been stuck in limbo over the past year.’
‘AmCham EU opposes broad-based tariffs. However, given political priorities on both sides of the Atlantic, we still see the Framework Agreement as the most realistic route to securing a more constructive EU-US trade and investment climate’, Mr Lohan added. ‘We call on the Parliament and Member States to conclude trilogues swiftly. Once the tariff reductions are approved, the EU and the US can get back to advancing the cooperation the Framework Agreement envisages on a range of areas that benefit European and American businesses alike. We look to both sides to continue honouring their commitments throughout this process.’
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