US and European Union agree on framework for reciprocal trade

The United States and the European Union announced that they have agreed on a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade (“Framework Agreement”).

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This Framework Agreement represents a concrete demonstration of two sides commitment to fair, balanced, and mutually beneficial trade and investment.

"This Framework Agreement will put our trade and investment relationship - one of the largest in the world - on a solid footing and will reinvigorate our economies' reindustrialisation. It reflects acknowledgement by the European Union of the concerns of the United States and our joint determination to resolve our trade imbalances and unleash the full potential of our combined economic power," read a Joint Statement on a United States-European Union Framework on an Agreement on Reciprocal, Fair, and Balanced Trade.

The United States and the European Union intend this Framework Agreement to be a first step in a process that can be further expanded over time to cover additional areas and continue to improve market access and increase their trade and investment relationship.