The coronavirus crisis is a major shock for the European and global economies. Member States have already adopted budgetary, liquidity and policy measures to increase the capacity of their health systems and provide relief to those citizens and sectors that are particularly impacted.

Among the measures the EU is taking to support the economic recovery are the EU's recovery plan, Next Generation EU, SURE: temporary support for workers, amendments to the EU budget to address urgent issues, re-direction of EU funds to help member states most in need, support to most affected sectors.

On 21 July 2020, EU leaders agreed on a €750 billion recovery effort, Next Generation EU, to help the EU tackle the crisis caused by the pandemic. Alongside the recovery package, EU leaders agreed on a €1 074.3 billion long-term EU budget for 2021-2027. Among others, the budget will support investment in the digital and green transitions and resilience.

Together with the €540 billion of funds already in place for the three safety nets (for workers, for businesses and for member states), the overall EU's recovery package amounts to €2 364.3 billion (source: Council).

Coronavirus outbreak: impact on economic situation

Trade plays a key role in Vietnam’s economic development strategy - and a range of multilateral and bilateral trade agreements under negotiation reflect this importance.

The EU and Vietnam officially launched negotiations for the Free Trade Agreement (FTA) in June 2012. The European Union and Vietnam finished negotiating the FTA in Brussels in December 2015 after 14 rounds of negotiations. In July 2018, the EU and Vietnam concluded the Investment Protection Agreement (IPA).

The EU-Vietnam FTA and the Investment Protection Agreement (IPA) are modern and comprehensive deals. They will remove nearly all tariffs on goods traded between the two economies. They show the shared conviction of the EU and Vietnam that trade is essential to growth, the creation of jobs and sustainable development.

EU - Vietnam Trade relations

The European Union and the United States have the largest bilateral trade and investment relationship and enjoy the most integrated economic relationship in the world. EU and US investments are the real driver of the transatlantic relationship, contributing to growth and jobs on both sides of the Atlantic.

Although overtaken by China in 2021 as the largest EU import source for goods, the US remains the EU’s largest trade and investment partner by far. It is estimated that a third of the trade across the Atlantic actually consists of intra-company transfers.

The transatlantic relationship also defines the shape of the global economy as a whole. Either the EU or the US is the largest trade and investment partner for almost all other countries in the global economy. Taken together, the economies of both territories amount to more than 40% of world GDP and more than 40% of global trade in goods and services.

In June 2021 both entities agreed to take decisive steps to end the longest running dispute in the history of the World trade organisation: dispute on Large Civil Aircraft (also known as Airbus-Boeing dispute).

See more on the topic of EU-US trade relations by visiting our package for the 8th parliamentary term.

EU - US Trade relations

The European Parliament gave its consent in December 2018 to the EU’s trade agreement with Japan, the largest bilateral trade deal ever negotiated by the EU.

The Economic Partnership Agreement between the EU and Japan will remove almost all custom duties adding up to €1 billion annually for EU companies. It represents a clear stance in support of rules-based, free and fair trade “at a time of serious protectionist challenges”.

#EUelections2019 - Japan-EU Trade Agreement

The EU-Canada Comprehensive Economic and Trade Agreement (CETA) negotiations were launched in May 2009 and concluded in September 2014. The EU and Canada signed the agreement on 30 October 2016. In 2015 the EU imported goods from Canada worth €28.3 billion and exported goods to it worth €35.2 billion, a figure that is expected to rise by more than 20% when the agreement is implemented in full.

The CETA will remove customs duties, end restrictions on access to public contracts, open-up the services market, offer predictable conditions for investors and help prevent illegal copying of EU innovations and traditional/artisinal products.
In response to parliamentary pressure, the controversial investor-state-dispute settlement mechanism was replaced by the Investment Court System, to ensure government control over the choice of arbitrators and enhance transparency.

#EUelections2019 - CETA

Trade relations between the EU and US have been rocky since Donald Trump was elected on a platform of protectionism and nationalism. Negotiations on a Transatlantic Trade and Investment Partnership (TTIP) were stopped until further notice at the end of 2016.

When Trump imposed additional import duties on steel and aluminum imports, MEPs called the move unacceptable and incompatible with WTO rules. Tensions escalated last year when Trump threatened to slap additional tariffs on European cars in the name of national security. Jean-Claude Juncker, President of the European Commission, met Trump to discuss the threat and the two agreed to relaunch trade talks with a limited scope. The EU Council of Ministers adopted draft negotiating mandates in April 2019. Any deal resulting from these talks has to be approved by the European Parliament before it can enter into force.

#EUelections2019 - TTIP

EP Plenary session - Oral question - Association agreements for the participation of third countries in Union programmes

EP Plenary session - Commission statement - Multilateral negotiations in view of the 13th WTO Ministerial Conference in Abu Dhabi, 26-29 February 2024

EP Plenary session - Joint debate - Markets in financial instruments regulations

EP Plenary session - Oral question - EU-Taiwan trade and investment relations

EP Plenary session - Economic coercion by third countries

Arrival and offloading of imported steel in Europe - Port of Gent ( Belgium ) - Arcelor Mittal

EP plenary session - The outcome of the EU-US Trade and Technology Council (TTC)

INTA Committee meeting - EU-US Trade and Technology Council

EP Press conference on the ' Outcome of the vote on the EU-Vietnam trade and investment protection agreements '

EP Plenary session - Conclusion of the EU-Vietnam Free Trade Agreement

EP Plenary session - Joint debate - Vietnam

INTA committee meeting. Vote on the recommendations for the opening of trade negotiations between the EU and the US

EP Press conference. A progressive Model for Trade and Investment.

INTA Workshop on ' the future of sustainable development chapters in EU free trade agreements '

EP Plenary session - US tariffs in the steel and aluminium sector and the EU's response

Plenary session- US attack on EU farm support under the CAP (in the context of Spanish olives)- O.Q.

Plenary session- Corporate social responsibility.

Plenary session- Common Consolidated Corporate Tax Base

MEPs debate new trade rules seek to deter foreign powers from bullying the EU or member states into policy changes using economic coercion and enable the EU to take countermeasures. The Anti-Coercion Instrument (ACI) seeks to protect the EU’s and member states’ sovereignty in a geopolitical environment where trade and investment are increasingly weaponised by foreign powers. The regulation would enable the EU to respond, in line with international law and as a last resort, if the EU or a member state is blackmailed economically by a non-EU country trying to influence a particular policy choice or stance. Closing statements by Nicolas SCHMIT, European Commissioner for Jobs and Social Rights and Bernd LANGE (S&D, DE), Rapporteur

Economic coercion by third countries: closing statements by Nicolas SCHMIT, European Commissioner for Jobs and Social Rights and Bernd LANGE (S&D, DE), Rapporteur

MEPs debate new trade rules seek to deter foreign powers from bullying the EU or member states into policy changes using economic coercion and enable the EU to take countermeasures. The Anti-Coercion Instrument (ACI) seeks to protect the EU’s and member states’ sovereignty in a geopolitical environment where trade and investment are increasingly weaponised by foreign powers. The regulation would enable the EU to respond, in line with international law and as a last resort, if the EU or a member state is blackmailed economically by a non-EU country trying to influence a particular policy choice or stance.

Economic coercion by third countries: MEPs debate

MEPs debate new trade rules seek to deter foreign powers from bullying the EU or member states into policy changes using economic coercion and enable the EU to take countermeasures. The Anti-Coercion Instrument (ACI) seeks to protect the EU’s and member states’ sovereignty in a geopolitical environment where trade and investment are increasingly weaponised by foreign powers. Opening statements by Bernd LANGE (S&D, DE), Rapporteur and by Valdis DOMBROVSKIS, Executive Vice-President of the European Commission in charge of an Economy that works for People, and Commissioner for Trade, Markéta GREGOROVÁ (Greens/EFA, CZ), Rapporteur for AFET and by Svenja HAHN (Renew, DE), Rapporteur for IMCO.This transcription is a result of an automatic process. Please check against delivery.

Economic coercion by third countries: opening statements by Valdis DOMBROVSKIS, Executive Vice-President of the European Commission, Markéta GREGOROVÁ (Greens/EFA, CZ), Bernd LANGE (S&D, DE), and by Svenja HAHN (Renew, DE), Rapporteurs

Restarting trade and investment talks between EU and India are welcome but EU norms need to be protected in the final deal, says the adopted draft report. The draft, adopted by 31 votes, with two votes against and four abstentions, sets out what the Committee on International Trade expects from the relaunch of trade talks with India. The committee welcomes the expected restart of negotiations between EU and India on a trade agreement, a stand-alone investment protection agreement and an agreement on geographical indications, it states.

Press conference by Geert BOURGEOIS (ECR, BE) on EU-India trade and investment relations

MEPs vote on the first anniversary of the de facto abortion ban in Poland - motions for resolutions. For the full list of the votes please check the background section.

Voting session, in particular: the first anniversary of the de facto abortion ban in Poland

MEPs debate on the first meeting of the EU-US Trade and Technology Council (TTC). TTC's objectives is to coordinate approaches to key global technology, economic, and trade issues; and to deepen transatlantic trade and economic relations, basing policies on shared democratic values. Closing statement by Margrethe VESTAGER, European Commission Vice-president for a Europe Fit for the Digital Age.

EP Plenary session The outcome of the EU-US Trade and Technology Council (TTC): closing statement by Margrethe VESTAGER, European Commission Vice-president for a Europe Fit for the Digital Age

MEPs debate on the first meeting of the EU-US Trade and Technology Council (TTC) which held in Pittsburgh on 29 September 2021. TTC's objectives is to coordinate approaches to key global technology, economic, and trade issues; and to deepen transatlantic trade and economic relations, basing policies on shared democratic values.

The outcome of the EU-US Trade and Technology Council (TTC): MEPs Debate

MEPs debate on the first meeting of the EU-US Trade and Technology Council (TTC) which held in Pittsburgh on 29 September 2021. TTC's objectives is to coordinate approaches to key global technology, economic, and trade issues; and to deepen transatlantic trade and economic relations, basing policies on shared democratic values. Opening statements by Valdis DOMBROVSKIS European Commission Vice-president ofr Trade and by Margrethe VESTAGER, European Commission Vice-president for a Europe Fit for the Digital Age. This transcription is a result of an automatic process. Please check against delivery.

The outcome of the EU-US Trade and Technology Council (TTC): opening statements by Valdis DOMBROVSKIS European Commission Vice-president ofr Trade and by Margrethe VESTAGER, European Commission Vice-president for a Europe Fit for the Digital Age

The Committee on International Trade debate with the Commission's Executive Vice-Presidents Margrethe Vestager and Valdis Dombrovskis on the EU-US Trade and Technology Council (TTC) on 26 October, following its inaugural meeting in Pittsburgh (USA) at the end of September. The TTC is a new forum for deepening transatlantic relations and coordinating approaches not only on trade and economic issues but also on technology.

Exchange of views on the EU-US Trade and Technology Council with Margrethe VESTAGER, Valdis DOMBROVSKIS, Executive EC Vice-President - INTA Committee

During the plenary session (5-8 July 2021) of the European Parliament in Strasbourg, Kathleen VAN BREMPT (S&D, BE), rapporteur, presents her report on Trade related aspects and implications of COVID-19. The presentation is followed by a statement by Dubravka ŠUICA, Vicepresident of the European Commission. This transcription is the result of an automatic process. Please check against delivery.

Trade related aspects and implications of COVID-19: statements by Kathleen VAN BREMPT (S&D, BE), rapporteur and by Dubravka ŠUICA, Vicepresident of the European Commission

Bernd LANGE (S&D, DE), Chair of the EP Committee on International Trade, reacted on the agreement on the Airbus-Boeing dispute. According to him, in these 5 years' ceasefire, there won't be any tariffs on aircrafts, but also on wine and other products. Moreover, there is some perspective for export of European products to the US market and vice versa. So at the moment, "the agreement is a very good sign for transatlantic cooperation and farmers across the Atlantic", as stated the Agriculture Committee Chair Norbert LINS (EPP, DE) on Tuesday 15th June 2021. However, Mr LANGE stressed that we should remain careful, because this is not the end of the story.

The EU-US agreement on Boeing-Airbus subsidies: statement by Bernd LANGE (S&D, DE), Chair of the EP Committee on International Trade

Exchange of views at the EP Committee on Foreign Affairs (AFET) in association with the Delegation for Northern cooperation and for relations with Switzerland on the decision of the Swiss Federal Council to terminate the negotiations of the EU-Swiss Institutional Framework Agreement: statement by Urmas PAET (Renew, EE), Vice-Chair of the AFET Committee who reminded that Switzerland is the fourth important trade partner for the EU including around 120 different agreements. Andreas SCHWAB (EPP, DE), Chair of the EP Delegation for Switzerland, stressed (remotely) that it is in the mutual interest of both sides to stabilise and further develop European-Swiss cooperation and a multi programming agreement is needed. Michael KARNITSCHNIG, director of external relations at the Secretariat General of the European Commission, mentionned (remotely) that the issue of a level playing field is fundamental.

Exchange of views on the decision of the Swiss Federal Council to terminate the negotiations of the EU-Swiss Institutional Framework Agreement: statement by Urmas PAET (Renew, EE), Vice-Chair of the AFET Committee

This infoclip illustrates the freight transport by rail and the Intermodal freight transport by container. Views of the Rhine Europe Terminals (RET), which is responsible for managing the container and heavy package terminals in Strasbourg and containers loading on trains. 2021 has been designated European Year of Rail, to stir debate on railways’ contribution to the European Green Deal and the environment.

Infoclip: Railway - Freight transport

Bernd LANGE (S&D, DE), Chair of the Committee on International Trade (INTA), and Geert BOURGEOIS (ECR, BE), rapporteurs, speak to the press on the outcome of the vote on the EU-Vietnam trade and investment protection agreements, in the European Parliament in Strasbourg.

Press conference on the outcome of the vote on the EU-Vietnam trade and investment protection agreements by Bernd LANGE (S&D, DE) and Geert BOURGEOIS (ECR, BE)

David SASSOLI, EP President meets with the delegation of the Special Envoy of the Vietnamese Prime Minister, in the European Parliament in Strasbourg. Arrivals and roundtable. Among the persons attending: Bui Thanh Son, Vietnamese First Vice Minister for Foreign Affairs; Vu Anh Quang, Ambassador of Vietnam to EU; Nguyen Minh Hang and Dinh Toan Thang, representatives from the Vietnamese Minister of Foreign Affairs.

David SASSOLI, EP President meets with a Vietnamese delegation: arrivals and roundtable

During the plenary session (10-13 February 2020) of the European Parliament in Strasbourg, MEPs debate on on the free trade and investment deals between the EU and Vietnam. Statements by Geert BOURGEOIS (ECR, BE), Rapporteur, and Phil HOGAN, European Commissioner for Trade.

Conclusion of the EU-Vietnam Free Trade Agreement: extracts from the joint debate

During the plenary session (25-28 March 2019) in the European Parliament in Strasbourg, MEPs debate on the conclusions of the European Council meeting of 21 and 22 March 2019 on Trade and EU-China relations. Statements by Donald TUSK, President of the European Council, Jean-Claude JUNCKER, President of the EC, Manfred WEBER (EPP, DE) and Udo BULLMANN (S&D, DE).

Conclusions of the European Council meeting of 21 and 22 March 2019: extracts from the debate on Trade and EU-China relations

During the plenary session in Strasbourg (11-14 March 2019), MEPs debate recommendations for opening of negotiations between the EU and the US. Statements by Cecilia MALMSTRÖM, Member of the EC in charge of Trade, Godelieve QUISTHOUDT-ROWOHL (EPP, DE), Bernd LANGE (S&D, DE), Jan ZAHRADIL (ECR, CZ), Marietje SCHAAKE (ALDE, NL) and Yannick JADOT (Greens/EFA, FR).

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