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EU aims to build new world trade rules with the United States

File Photo: Valdis Dombrovskis, Executive Vice President of the European Commission, during a discussion on Poland’s challenge to EU law supremacy at the European Parliament in Strasbourg, France, on October 19, 2021. Attend a press conference reading the conference.Pool via Ronald Whitec / REUTERS

December 1, 2021

Philip Brenkinsop

Brussels (Reuters) -The European Union has experienced a “breakthrough year” with the United States, if not all trade stimuli have disappeared, and is now working with allies across the Atlantic. We would like to start building future trade rules. ..

A year after Joe Biden defeated Donald Trump in the U.S. presidential election, both sides suspended the dispute over aircraft subsidies https://www.reuters.com/business/aerospace-defense/eu -us-set-unveil- truce-17-year-aircraft-battle-2021-06-15 and tariffs on steel and aluminum https://www.reuters.com/world/us-eu-expected-announce-deal- ending-steel-aluminum-tariff-Conflict-Source-say-2021-10-30 And launched an alliance to cooperate in future technology.

“This year is certainly a milestone for EU-US trade relations,” said Valdis Donbroski, vice chairman of the European Commission, in an interview with the Reuters Next Conference.

For steel, the United States has replaced tariffs on all EU imports with tariff-rate quotas based on past quantities. Dombrovskis said the final result of the two years should be a full increase in tariffs and quotas.

Brussels also carefully looked at the US “buy America” ‚Äč‚Äčagenda, where federal agencies aimed to buy American-made goods wherever possible. This has already caused tensions between Canada and Mexico.

Mr Donbrokis said the EU will consider the extent to which Washington respects international commitments. Both are signatories to the WTO Agreement on Government Procurement.

“There’s definitely something to note, but what I can say is that I’m working constructively now and I’m confident that we can address future issues and concerns,” said Don Buroski.

The European Union, the United States and Japan reopened a trilateral partnership on Tuesday to address issues in non-market economies such as China. The work involves the development of new trade rules.

Donbroskis said he plans to meet with his counterparts within six months to stock up and decide on the next step. China will be the focus of this and other discussions between the EU and the United States on steel overcapacity, aircraft subsidies, and technology, he said.

Donbrovsky and the world’s top trade officials were scheduled to meet in Geneva this week for a World Trade Organization ministerial meeting until the Swiss coronavirus regulation was forced to postpone https://www.reuters. com / business / wto-postpones-major-meeting- over-covid-19-concerns-sources-2021-11-26.

The EU wanted to work with the WTO to reform world trade rules and get out of the meeting with the new group to achieve results by the next meeting scheduled two years later.

Dombrovskis said Brock wants a rulebook reform that takes into account green and digital economic transformation, industrial subsidies, and state-owned enterprises.

To watch the Reuters Next Conference, sign up here: https: //reutersevents.com/events/next

(Report by Philip Blenkinsop, edited by Ana Nicolaci da Costa)



EU aims to build new world trade rules with the United States

Source link EU aims to build new world trade rules with the United States

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