The Framework on an Agreement on Reciprocal, Fair, and Balanced Trade, or “Framework Agreement,” was unveiled as the result of an agreement between the US and the EU. The dedication of both parties to equitable, balanced, and mutually beneficial trade and investment is exemplified by this Framework Agreement.
Our trade and investment partnership, which is among the biggest in the world, will be firmly established by this Framework Agreement, which will also stimulate the reindustrialization of our economies.
According to a Joint Statement on a United States-European Union Framework on an Agreement on Reciprocal, Fair, and Balanced Trade, “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.
In addition to giving preferential market access to a variety of U.S. seafood and agricultural products, such as tree nuts, dairy products, fresh and processed fruits and vegetables, processed foods, planting seeds, soybean oil, and pork and bison meat, the European Union plans to remove tariffs on all U.S. industrial goods. In addition to expanding the product scope to include processed lobster, the European Union will promptly take the required actions to extend the Joint Statement of the United States and the European Union on a Tariff Agreement, which was announced on August 21, 2020, with regard to lobster and expired on July 31, 2025.
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