The European Parliament along with the Council of the EU has reached an agreement on a new trade deal with the United States of America. This step paves the way for further strengthening of economic ties between these two powerful partners.
This is reported by Finway
Key Aspects of the Agreement
European Parliament President Roberta Metsola announced the agreement. She emphasized the importance of the partnership between the EU and the US for the economies of both sides and for individual citizens.
“The European Parliament and the Council of the EU have reached an agreement on a trade deal between the EU and the US,” Metsola wrote, stressing that Europe “is a reliable partner.”
According to Metsola, the cooperation between the European Union and the US represents the largest economic relationship in the world. As a result of this partnership, over 16 million jobs have been created on both continents. She also highlighted that such cooperation is significant for both businesses and ordinary citizens on both sides of the Atlantic.
Next Steps in Implementing the Agreement
The agreed text of the trade deal still needs to go through the final approval process. Only after this will the document come into force and regulate the new trading conditions between the EU and the US.
It is worth noting that at the beginning of May, US President Donald Trump stated that the European Union must fulfill all obligations under the trade agreement by July 4. Otherwise, the US plans to significantly increase tariffs on European goods, including cars, to a “much higher level.”