EU 27 surplus in trade of goods and services with the US
On the occasion of the recent EU-US summit held in Brdo, Slovenia, EuroStat, the statistical office of the European Commission, has published the latest trade figures between the two global players. Together the EU and the US have the largest...
On the occasion of the recent EU-US summit held in Brdo, Slovenia, EuroStat, the statistical office of the European Commission, has published the latest trade figures between the two global players.
Together the EU and the US have the largest bilateral trade and investment relationship in the world. They account for roughly 40 per cent of the world trade and over 60 per cent of the world GDP, with transatlantic flows of trade and investment amounting to around $1 billion a day.
The 2007 figures point out an EU27 surplus in trade in both goods and services. This surplus has grown steady in the goods sector with statistics showing a rise from €32 billion in 2000, to €80 billion in 2007. This increase in surplus is due both to an increase in exports to the US and to a decrease in imports from the US. Today, the US accounts to 21 per cent of EU exports of goods and 13 per cent of imports. On an individual basis, most member states recorded a surplus in trade with the US; the largest being registered by Germany (+€38 billion), Italy (+€13 billion) and Ireland (+€9 billion). The Netherlands recorded the only significant deficit (-€9 billion).
This surplus in trade is also seen in the services sector whereby in 2006, the EU27 exported €139 billion of services to the US, whereas it imported €128 billion, meaning that the union had a surplus of approx €11 billion in trade in services with the US.
As the figures clearly show the transatlantic relationship between the US and the EU is the strongest, most comprehensive and strategically most important partnership in the world. The annual EU-US summits have been principally intended to keep each party abreast and work towards maintaining the strong partnership.
The EU and US formalised relations for the first time in 1990 with the Transatlantic Declaration. Since 1995, the New Transatlantic Agenda (NTA) has provided the foundation for the relationship. Within the framework of the NTA and in line with the Transatlantic Economic Partnership (TEP) launched in 1998, the Transatlantic Economic Council (TEC) was created in 2007 to take forward efforts to boost the transatlantic economy.
The European Commission together with the EU member states has been quite active in keeping positive relations between the two entities. For instance under the EU's industrialised countries instrument for 2007-2013, over €20 million have been earmarked for the cooperation with the US under the three focal areas: dialogues, people to people and cooperation.
At the latest summit, both the EU and US confirmed the progress made in transatlantic relations and committed themselves to further strengthening the strategic partnership. The summit, naturally, was an opportunity to exchange views on topical regional and security issues, however the transatlantic economic partnership featured prominently with topics such as the visa waiver programme (which aims at facilitating visa-free travel to the US), air transport liberalisation, and scientific and technological cooperation in energy and climate change being discussed.
Such priorities and policies, together with mutual understanding, will help maintain the strong partnership that exists between the EU and the US.
• Mr Cuschieri is an executive at Impetus Europe Consulting Group Ltd. M
Together the EU and the US have the largest bilateral trade and investment relationship in the world. They account for roughly 40 per cent of the world trade and over 60 per cent of the world GDP, with transatlantic flows of trade and investment amounting to around $1 billion a day.
The 2007 figures point out an EU27 surplus in trade in both goods and services. This surplus has grown steady in the goods sector with statistics showing a rise from €32 billion in 2000, to €80 billion in 2007. This increase in surplus is due both to an increase in exports to the US and to a decrease in imports from the US. Today, the US accounts to 21 per cent of EU exports of goods and 13 per cent of imports. On an individual basis, most member states recorded a surplus in trade with the US; the largest being registered by Germany (+€38 billion), Italy (+€13 billion) and Ireland (+€9 billion). The Netherlands recorded the only significant deficit (-€9 billion).
This surplus in trade is also seen in the services sector whereby in 2006, the EU27 exported €139 billion of services to the US, whereas it imported €128 billion, meaning that the union had a surplus of approx €11 billion in trade in services with the US.
As the figures clearly show the transatlantic relationship between the US and the EU is the strongest, most comprehensive and strategically most important partnership in the world. The annual EU-US summits have been principally intended to keep each party abreast and work towards maintaining the strong partnership.
The EU and US formalised relations for the first time in 1990 with the Transatlantic Declaration. Since 1995, the New Transatlantic Agenda (NTA) has provided the foundation for the relationship. Within the framework of the NTA and in line with the Transatlantic Economic Partnership (TEP) launched in 1998, the Transatlantic Economic Council (TEC) was created in 2007 to take forward efforts to boost the transatlantic economy.
The European Commission together with the EU member states has been quite active in keeping positive relations between the two entities. For instance under the EU's industrialised countries instrument for 2007-2013, over €20 million have been earmarked for the cooperation with the US under the three focal areas: dialogues, people to people and cooperation.
At the latest summit, both the EU and US confirmed the progress made in transatlantic relations and committed themselves to further strengthening the strategic partnership. The summit, naturally, was an opportunity to exchange views on topical regional and security issues, however the transatlantic economic partnership featured prominently with topics such as the visa waiver programme (which aims at facilitating visa-free travel to the US), air transport liberalisation, and scientific and technological cooperation in energy and climate change being discussed.
Such priorities and policies, together with mutual understanding, will help maintain the strong partnership that exists between the EU and the US.
• Mr Cuschieri is an executive at Impetus Europe Consulting Group Ltd. M