US, EU Strike Airbus-Boeing Deal
Umer Jamshaid 2 months ago Tue 15th June 2021 | 04:53 PM
US President Joe Biden and the EU agreed a long term truce in the 17-year-old Airbus-Boeing dispute Tuesday, as they try push past their own disputes
Brussels, (APP - UrduPoint / Pakistan Point News - 15th Jun, 2021 ) :US President Joe Biden and the EU agreed a long term truce in the 17-year-old Airbus-Boeing dispute Tuesday, as they try push past their own disputes.
Von der Leyen said the summit had "delivered" as she hailed a "breakthrough" in the long-running feud.
"This really opens a new chapter in our relationship because we move from litigation to cooperation on aircraft," she added.
Earlier this year Biden and Von der Leyen -- the president of the European Commission -- had suspended retaliatory tariffs in the dispute over subsidies for the rival planemakers. The punitive measures targeted European cheese and wine and American what and tobacco, among other products.
The EU said the truce was set for five years, leaving enough time to resolve the fight.
"Instead of fighting with one of our closest allies, we are finally coming together against a common threat," said US Trade Representative Katherine Tai, who also attended the meeting.
Biden's two-hour stopover at EU headquarters, tucked between a NATO summit and his sitdown with Russian President Vladimir Putin in Geneva, is supposed to mark a clear break with the tumultuous four years with Donald Trump as president.
- 'Sweating' for deal - The Europeans are trying to clear the slate of trade disputes to consolidate a more friendly phase and jointly tackle other issues, which also include curbing big tech and handling Russia.
A European official said both sides had been "sweating" to find common ground on the trade issues ahead of the meeting and give a clear sign that Trump-era battles will soon be behind them.
Washington fought back with a wave of counter-tariffs that Biden has frozen, as both sides await a worldwide deal on how to better tax big tech companies.
- 'Maximum pressure' - Biden and the EU chiefs are also to agree to cooperate in something called a Trade and Technology Council that will attempt to write joint rules for artificial intelligence and other innovations over the coming years.
The senior US administration official described the council as an important initiative that would serve as a platform for cooperation for years ahead.
"The notion here is that the United States and Europe laid the foundation for the world economy after World War II and now have to work together to write the rules of the road for the next generation," a senior US administration official said.
Brussels and Washington will also set up a joint forum on Russia to exchange ideas on facing increasingly disruptive moves by Moscow, with a special focus on fighting disinformation and other flagrant misuses of technology.