STORY HIGHLIGHTS


EU-U.S. summit seeks to end trade disputes

CNC
Added On June 16, 2021

 The European Union and the United States have had their first summit in seven years as U.S. President Joe Biden was on his first overseas trip since taking office to revamp the transatlantic ties.

 
SOUNDBITE(ENGLISH) ALEX, Xinhua Correspondent
 
"During the summit in Brussels, Biden met European Council President Charles Michel and European Commission President Ursula von der Leyen, and the leaders agreed to cooperate more on trade, investment, and preparing for future global health challenges."
Von der Leyen told a press conference that bilateral trade and investment between the two sides were "unrivaled," and the trade was worth almost one trillion euros in 2020 despite the COVID-19 pandemic.
 
The EU and the U.S. agreed on a truce in their long-standing conflict over aircraft subsidies.
 
The dispute over subsidies for U.S. planemaker Boeing and its European rival Airbus has resulted in parallel cases filed at the World Trade Organization since 2004.
 
Both sides had agreed in March to a four-month suspension of tariffs on 11.5 billion U.S. dollars of goods.
 
During the summit, they agreed to remove the tariffs for five years until they continue discussions on an overarching deal on the subsidies.  
 
The EU and the U.S. also agreed to establish an EU-U.S. Trade and Technology Council with a view to expand bilateral trade and investments and discuss how to avoid new unjustified technical barriers and how to cooperate in areas with high potential from both economies.   
 
According to a joint statement issued after the summit, the leaders set a Joint Transatlantic Agenda for the post-pandemic era and commit to regular dialogue to take stock of progress.  
 
On the COVID-19 vaccines, they agreed to set up a joint task force to move faster and quicker to help vaccinate the world.