The European Parliament has approved the trade agreement reached last year between the European Union and the United States, paving the way for facilitating trade exchanges and avoiding a new round of tariff tensions between Brussels and Washington.
The agreement provides for the removal of some import duties by the EU and easier market access for certain categories of US goods. In return, imports of European Union goods into the US will be subject to a 15% tariff.
The Chairman of the Trade Committee in the European Parliament, Bernd Lange, described the agreement as a compromise reached under difficult conditions, emphasizing that measures have been provided to protect European interests.
"Under considerable pressure, we provided important protection to keep European interests on track. One thing is certain: we will closely monitor its implementation," Lange declared.
Meanwhile, the German Association of the Automotive Industry (VDA) called on responsible institutions to implement the measures foreseen in the agreement as soon as possible, arguing that this will help create stability for businesses and the exporting industry.
The approval of this agreement is seen as an important step towards preserving transatlantic economic relations and avoiding the escalation of trade disputes between the two partners.
US President Donald Trump , and the president of the European Commission, Ursula von der Leyen, agreed to a deal in August last year.
The US would cap tariffs on most EU products at 15%, and in return the EU would remove tariffs on US industrial goods and improve market access for US agricultural products such as pork and dairy products.
