European Commission Executive Vice-President Valdis Dombrovskis and US Trade Representative Katherine Tai reached an understanding relating to large civil aircraft, transforming almost 17 years of disputes into a forward-looking, collaborative platform to address bilateral issues as well as global challenges.
Both sides will now seek to overcome long-standing differences in order to avoid future litigation and preserve a level playing field between our aircraft manufacturers and will also work to prevent new differences from arising.
The EU and the US also agreed to suspend application of harmful tariffs worth of USD 11.5 billion for a period of five years that hurt companies and people on both sides of the Atlantic.
The two sides will collaborate on jointly analysing and addressing non-market practices of third parties that may harm our large civil aircraft sectors.
European Commission President Ursula von der Leyen said: “Today, with the agreement on Boeing-Airbus, we have taken a major step in resolving the longest trade dispute in the history of the WTO. I am happy to see that after intensive work between the European Commission and the US administration, our transatlantic partnership is on its way to reaching cruising speed. This shows the new spirit of cooperation between the EU and the US and that we can solve the other issues to our mutual benefit. Together we can deliver for our citizens and businesses.”
European Commission Executive Vice-President Valdis Dombrovskis said: “With this agreement, we are grounding the Airbus-Boeing dispute. It proves that the transatlantic relationship is now moving to the next level, and that we can work with the US on tackling long-running disputes. We now have time and space to find a lasting solution through our new Working Group on Aircraft, while saving billions of euros in duties for importers on both sides of the Atlantic.”
Source: European Commission