Strasbourg/Bratislava – Transatlantic relations between the European Union (EU) and the United States have long served as a foundation for peace, security, and economic progress. European Commissioner for Trade and Economic Security, Maroš Šefčovič, made this assertion during a session of the European Parliament in Strasbourg on Tuesday, in light of the new American administration under Donald Trump. He emphasized the EU’s commitment to enhancing and solidifying this crucial partnership, as reported by TASR.
Šefčovič indicated that the EU is prepared to engage in constructive dialogues with the United States centered on shared interests and to tackle geopolitical challenges. He noted that the European Commission (EC) will promote EU priorities and defend its interests when necessary.
“We will maintain our focus on urgent challenges. Prioritizing economic strength, innovation, and competitiveness remains essential. This includes support for clean and digital technologies, batteries, and emerging industries,” he stated.
The Commissioner also acknowledged the trade policy memorandum that prioritizes American interests, which was adopted by Trump on Monday. He highlighted that the transatlantic trade and investment relationship forms a key component of the global economy, noting that no other economies are as interconnected as those of the EU and the USA.
“Supply chains extend across both sides of the Atlantic. The EU and the USA boast the largest bilateral trade and investment relationship globally, which supports over 16 million jobs and accounts for 42 percent of global GDP,” he explained.
Šefčovič reported that in 2023, bilateral trade flows reached 1.6 trillion euros, with 870 billion euros in goods and 680 billion euros in services. “Every day, goods and services worth over four billion euros are exchanged across the Atlantic. European firms in the USA employ 3.5 million Americans, and an additional million American jobs are directly reliant on trade with Europe,” he said.
He further noted that the mutual investment flows between the EU and USA are unmatched, with over five trillion euros invested in each other’s economies by 2022. Additionally, two-thirds of all American foreign assets are located in Europe.
“The EU aims to harness this strong relationship to stimulate growth, maintain technological leadership, and fortify robust supply chains. Close cooperation between the EU and USA at all levels would be highly advantageous,” Šefčovič told the Members of the European Parliament (MEPs).
He also addressed the recent decisions made by the new American administration regarding energy production and exports. The EU, he stated, is currently the largest importer of liquefied natural gas (LNG) from the USA, sourcing over 50% of this commodity from American suppliers. He indicated that the Commission is eager to collaborate with the USA to further enhance strategic energy cooperation and improve the Union’s energy security.
Conversely, he expressed regret over the U.S. decision to withdraw from the Paris Agreement, which the EU views as “the best hope for all of us.” He underscored that businesses in both Europe and America are investing in climate initiatives and clean technologies, which yield benefits for all citizens. (January 21st)
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