The EU and US economies are the most integrated in the world. While broadly acknowledging that this privileged relationship holds more potential for both sides, the Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs has been working for many years to further promote transatlantic economic cooperation by reducing regulatory obstacles to doing business across the Atlantic. The cooperation focuses on diverging regulations or duplicative requirements that often cause unnecessary barriers and costs for companies, including small businesses.
The transatlantic economic and trade relationship remains the backbone of the world economy, contributing to growth and jobs on both sides of the Atlantic. Total US investment in the EU is 3 times higher than in all of Asia, whereas EU investment in the US is around 8 times the amount of EU investment in India and China together.
The EU-US Executive Working Group
The executive working group was set up by former European Commission President Jean-Claude Juncker and former US President Donald Trump following their meeting in Washington DC on 25 June 2018. The goals of the working group include
- working together towards zero tariffs, zero non-tariff barriers and zero subsidies on non-automotive industrial goods
- reducing barriers and increasing trade in services, chemicals, pharmaceuticals and medical products
- the launch of a dialogue on standards to ease trade, reduce bureaucratic obstacles and slash costs
EU-US trade on the website of the Directorate-General for Trade.