The EU has no choice but to work on a positive new agenda with Washington, says the confederation of European business, BusinessEurope. On Thursday 16 July, it published its ideas for strengthening the transatlantic relationship.
“The transatlantic relationship is no longer as solid as the economic ties would suggest”, the organisation said in a 20-page document, pointing out that the transatlantic economy supports $5.5 trillion in annual trade sales. “There’s simply no alternative to this relationship for either side” regardless of the election result, said Markus Beyrer, Director General, speaking at a press conference.
That is why European employers are urging Europe to develop “a new positive agenda” with the United States to dismantle “the growing number of disputes” and “unleash the potential we still have”.
Above all, a high-level “platform” must be established to allow for strategic dialogue and trade and economic cooperation. Strangely enough, such a structured dialogue, which is common in the EU's bilateral relations, does not exist with the United States.
The bilateral agenda needs to follow a sequential approach, the organisation also believes. In the negotiations, the aim is first to “eliminate, reduce and limit all industrial tariffs in order to create a positive dynamic”, before extending the discussions to other sectors - digital trade, cultural tariffs, government procurement or conformity assessment.
At the multilateral level, the US and the EU must jointly address systemic challenges, including the rise of State-focused economies and WTO reform. The organisation suggests reviving existing initiatives: trilateral talks with Japan and the United States on industrial subsidies and state-owned enterprises should continue and rapidly formalise a proposal to be submitted to the WTO.
Lastly, BusinessEurope calls on the parties to commit to fighting protectionism and strengthening the resilience of supply chains. However, the EU must continue to defend its own interests by strengthening its defence toolbox. (Original version in French by Hermine Donceel)