Under the Biden administration, Americans and Europeans need to rebuild as close a transatlantic relationship as possible. Transatlantic partners may have different viewpoints on some specific trade issues. But both sides have much to gain by moving forward trade negotiations in many areas and intensifying the closest trade relationship there is between any two big markets in the world.
What is needed is no less than an ambitious trade agenda, for modernising the WTO so that it can be relevant to today’s problems, for a new agenda for market access, securing a level playing field in the face of market-distorting subsidies by actors that follow a different economic and strategic philosophy than Europe and America, and for sectoral transatlantic agreements in areas like professional recognition of qualifications, freedom of Movement, and types of trade in services not covered by the WTO’s “essentially all trade” requirement for agreements.
The COVID-19 crisis has ushered in a paradigm shift in our thinking about supply chains. Instead of efficiency, resilience is getting more important. This would be a great area of cooperation for transatlantic trading partners who know they can rely on each other when it comes to health supply chains and other critical products.
● Pascal Lamy
, President Emeritus
, JACQUES DELORS INSTITUTE, Former Director-General
, WORLD TRADE ORGANIZATION (WTO)
● William Alan Reinsch
, Senior Adviser and Scholl Chair in International Business
, CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES (CSIS), Former President
, NATIONAL FOREIGN TRADE COUNCIL
● Jonathan Hackenbroich
, Policy Fellow
, EUROPEAN COUNCIL ON FOREIGN RELATIONS [Moderator]
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