Directorate-General for Trade

United States

In 2006 the EU and the US combined economies accounted for nearly 60% of global GDP, 33% of world trade in goods and 42% of world trade in services. The EU and the US are each other's main trading partners. Trade flows across the Atlantic amount to around €1.7 billion every day. The two economies are interdependent to a high degree. Close to a quarter of all EU-US trade consists of transactions within firms based on their investments on either side of the Atlantic.

The transatlantic relationship also defines the shape of the global economy as a whole as either the EU or the US is also the largest trade and investment partner for almost all other countries in the global economy. Total FDI stocks held in each others countries reach approximately €1.89 trillion. The overall "transatlantic workforce" is estimated at 12 to 14 million people, of which roughly half are Americans who owe their jobs directly or indirectly to EU companies.

EU-US economic cooperation

At the EU-US Summit on 30 April 2007, Commission President Barroso, German Chancellor Merkel and US President Bush signed the "Framework for Advancing Transatlantic Economic Integration between the USA and the EU". This framework included the establishment of the Transatlantic Economic Council (TEC) which oversees, guides and accelerates the implementation of work designed to closer integrate the EU and US economies.The TEC brings together those Members of the European Commission and US Cabinet Members who carry the political responsibility for closer economic ties.

The EU and the US also have a range of further dialogues - the Transatlantic Legislators' Dialogue, the Transatlantic Consumer Dialogue and the TransAtlantic Business Dialogue - designed to further this agenda. The reports of TEC meetings are available to the public.

Trade Disputes

Inevitably for two economies of such size with such a high volume of trade, the EU and the US encounter periodic trade disputes. These are often handled through the dispute settlement mechanism of the WTO. Although they tend to grab headlines, disputes currently only impact of some 2% of EU-US trade.

Supporting information

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