The United States and the European Union have announced the establishment of a Framework Agreement on Reciprocal, Fair, and Balanced Trade.
This agreement underscores both parties’ commitment to fair and mutually beneficial trade and investment, said a joint statement from the US and the EU, News.Az reports.
"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’ reindustrialization. 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," said the statement.
"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," it added.
