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EU-US Trade


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EU affairs

Published in: News & Politics
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EU-US Trade

  1. 1. EU-US TRADE
  2. 2. Significance  EU-US trade played an important role in bringing close the former enemies US, Germans and France.  It helped to build Western Europe into an economic fortification against the Soviet Bloc.  A net positive economic impact on the world economy
  3. 3. Framework of EU-US Trade  U.S.-EU economic relations exist within a framework of economic, political, and security factors.  The U.S.-EU combined economic benefits dominates the world economy(combined GDP=40% of world GDP).  EU countries and US are roughly equivalent in economic development.  Intra-industry trade on advanced technologies and services
  4. 4. PastAreas of Economic Cooperation  NATO (22 EU countries) deal with a number of issues that pertain to foreign trade  WTO and GATT play critical role in EU-U.S. bilateral economic framework  To lesser extent OECD is also an important element in the U.S.-EU framework  EU-US policies and practises are another element of the bilateral economic framework.
  5. 5. Facts and Figures of Trade
  6. 6.  EU is the largest merchandise trading partner of U.S ($265.1 billion of total U.S. exports (or 17.1%) and for $380.8 billion of total U.S. Imports)  U.S is the largest non-EU trading partner of the EU (17.1% of total exports to non-EU countries, while EU imports from the U.S was 11.4% of total imports from non-EU countries).
  7. 7. Future prospects of Economic ties o Transatlantic Trade and Investment Partnership (TTIP) • Objectives  Reaching a reasonable and balanced trade agreement between the EU and US to eliminate customs duties.  Making progress towards mutual recognition of EU / US product standards or working towards transatlantic standards
  8. 8. Conclusion Foreign trade and investment data depict strong, interdependent, and significant U.S.- EU bilateral economic relationship. But at the same time brings some challenges as well (agricultural and agricultural-related products).Therefore U.S. and EU policy makers, have the to manage the increasingly complex bilateral economic relationship in ways that maximize benefits and keep frictions to a minimum.