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

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

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

EU trade policy (T)

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