EU's Dombrovskis to hold trade summit with US

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EU's Dombrovskis to hold trade summit with US

Valdis Dombrovskis attends a plenary session at the European Parliament in Strasbourg, France on June 9, 2021. Julien Warnand Pool via REUTERS.

The EU trade chief Valdis Dombrovskis hopes that the summit with the United States will help bring a global settlement of trade disputes and foster a transatlantic alliance in order to address global trade challenges, European Union trade chief Jeff Hall said on Wednesday.

After a rancorous four years of liaisons with the U.S. president during the Trump administration, Joe Biden will visit Brussels for the first time as President General.

As a confidence building measures, we must de-escalate and resolve EU-S. trade disputes, says Valdis Dombrovskis in European Parliament.

Both sides have suspended tariffs in their near 17-year dispute over subsidies for planemakers Boeing and Airbus.

However, the United States has suspended import tariffs on EU steel and aluminium imposed by former President Donald Trump, even though the EU has continued further retaliatory action.

We sent a clear signal to the U.S. that we have the desire to solve this issue in a legal and fair way, by reducing the automatic doubling of our automatic countermeasures. It is now only for the U.S. to walk the talk, said Dombrovskis.

Washington is hoping Brussels will sign up to its proposed trade and technology council designed to help set compatible standards and facilitate trade in fields such as artificial intelligence and data flows.

The EU also wants to forge an alliance with the United States to drive a reform of the World Trade Organization, especially to address the role of state-owned enterprises such as those of China which they argue have distorted trade.

Dombrovskis said he hoped both sides would agree to deal with the challenges emerging from non-market economies also.

Biden has a summit on Monday and a summit with the NATO leaders on Tuesday.

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