Brussels: Europe and the Arabs
The European Union institutions in Brussels announced the date of the Foreign Affairs Council ministerial meeting dedicated to discussing foreign trade, scheduled for next Thursday in Brussels, the fifteenth of this month.
The European Ministerial Council said in a statement, "The ministers will hold a political debate on trade relations between the European Union and the United States. The Council will also exchange views on European economic security, including the review of the regulation on foreign direct investment screening, export controls, and foreign investment controls. The ministers will also devote a working lunch to ongoing trade negotiations."
According to the federal institutions in Brussels, transatlantic relations are a key lifeline for the global economy. The European Union and the United States together represent nearly 30% of world trade in goods and services and 43% of global GDP (expressed in US dollars). The European Union and the United States enjoy the most integrated economic relationship in the world.
2023 saw another record, with bilateral trade in goods and services reaching €1.6 trillion. This exceeds the GDP of Spain. Every day, goods and services worth more than €4.4 billion cross the Atlantic.
The EU achieved a trade surplus with the US of €48 billion in 2023, taking into account both goods and services.
€1.6 trillion in trade in goods and services in 2023
Investment
Reciprocal investment between the EU and the US is the largest in the world and a key driver of transatlantic relations. In 2022, reciprocal equity foreign direct investment exceeded €5.3 trillion. This is larger than the combined economies of France and Italy. Nearly a third of EU FDI comes either to or from the US.
€5.3 trillion
EU-US FDI balances in 2022
Total US investment in the EU is four times that in the Asia-Pacific region. EU FDI in the US is approximately ten times that in India and China combined.
Bilateral trade and investment support millions of jobs in the EU and the US. US exports of goods and services to the EU support 2.3 million US jobs, and EU companies' investments in the US employ 3.4 million people.
2.3 million US jobs supported by exports to the EU
3.4 million jobs resulting from EU companies' investments in the US
Energy
Close transatlantic cooperation has played a crucial role in ensuring EU energy security following Russia's aggressive war in Ukraine. The EU has replaced some Russian gas imports with US liquefied natural gas (LNG).
In 2024, the EU imported over 45 billion cubic meters of LNG from the US. This represents 16.5% of the EU's total gas imports and approximately 45% of its LNG imports.
The two transatlantic partners cooperate within the framework of the EU-US Energy Council, a forum for coordination on strategic energy issues of common interest and for research and development cooperation. Established in 2009, the Council works on energy security, technology, and markets, and promotes research, development, innovation, and knowledge dissemination in related fields. The Energy Council also facilitates annual business meetings focusing on various aspects of the energy market.