EU-US Summit – Orgalim calls for reinvigorating the strong relationship and advancing the shared priorities
11 June 2021
The upcoming EU-US summit (15 June 2021) will be an important opportunity to renew the cooperation between two strong trading partners. Europe’s technology industries produce one-third of the EU’s manufactured exports. The US is our first export market and second biggest overall trading partner after China. The transatlantic value of trade for our products is EUR 191 billion yearly.
In this context, Orgalim calls on the EU and the US to;
work closely together to resolve bilateral trade issues (Airbus-Boeing dispute and steel tariffs) through negotiated solutions,
work together to lead the WTO reform,
continue cooperating on sustainable finance through the EU-US joint regulatory forum and other multilateral fora to ensure continued international capital flow to EU companies, supporting the green transition,
establish the proposed EU-US Trade and Technology Council (TTC) to facilitate trade, develop compatible industry-led standards and promote innovation,
have a joint dialogue on the role of advanced manufacturing for both economies, as has been underscored during the COVID 19 crisis when it comes to pharmaceutical production capacities.
In particular with regard to the potential TTC we believe that the following specific focus areas will be important:
(i) greater regulatory cooperation with the US should be promoted, with the ultimate goal of harmonising diverging technical legislation. Having a harmonised and reliable set of relevant technical legislation is essential to ensure smooth trading. For instance, the TTC should serve as a platform for EU-US cooperation and coordination on AI and other new technologies.
(ii) reference to internationally recognised and consensually created technical standards of the International Organisation for Standardisation (ISO), the International Electrotechnical Commission (IEC) and the International Telecommunication Union (ITU) should be promoted to harmonise technical requirements with the US.
We call on both sides to focus on reinvigorating a strong and productive relationship, and we believe the upcoming summit will be a crucial moment to advance our shared priorities. Orgalim, on behalf of Europe’s technology industries, stands ready to support the actions to strengthen our transatlantic relations.