mark a very important milestone in our efforts to provide stability and predictability to European business, workers and citizens and in our trade relations with the United States.
I am here today to replace Commissioner Šefčovič could not be present as he is in Cameroon leading the EU delegation at the WTO Ministerial Conference, MC 14.
The Turnberry Agreement negotiated with the United States in July last year, and the EU-US Joint Statement of 21 August steadied our trade relationship at a time of profound upheaval. After the US's overhaul of its trade policy, the deal provided predictability for European companies and consumers when they needed it the most.
We recognise many of the concerns Members of this House have raised, particularly with regards to tariffs on steel and aluminium, and their derivative products. We also heard your calls for reassurances about the US commitment to uphold the deal, and the need for safeguards should its terms be violated.
Yet, despite these valid concerns, one truth remains valid: our economic interests demand that we move forward.
We must act in the best interests of our firms, our workers and our citizens – especially under the current circumstances. Honouring our commitments under the Joint Statement does precisely that. A deal is a deal, and our credibility depends on keeping our word.
Let's not forget the scale of what is at stake:
The US remains our number one trading partner, and our number one export destination, by far.
Our supply chains and business ties have been forged over decades and underpin our industrial base today and sustain millions of European jobs.
In 2024-2025 alone, EUR 1.7 trillion of goods and services were traded across the Atlantic.
We have invested in each other's economies €4.8 trillion.
All in all, our trade with the US accounts for around 20% of our global trade.
Let me tell you why today's vote matters so much.
The implementation of our commitments under the Joint Statement - which you will advance with your vote today - is not only important. It is an indispensable step.
First, it will allow you to exercise your legislative prerogatives by engaging in the trilogue negotiations with the Council, to secure a common political agreement on the regulations implementing the deal.
Second, it will strengthen our position in the engagement with the US to find solutions on outstanding issues, such as steel and aluminium derivatives – a concern I know many of you share – and on securing additional tariff exemptions as agreed in the Joint Statement.
Third, it paves the way for engaging in a wider positive agenda with the US, including on economic security, critical minerals, and trade facilitation measures.
We need to show good faith on our part if we want to get good faith in return.
At this stage, we have received reassurances from the US that they intend to honour the deal.
Let me be clear on one thing: while we will continue our efforts for maintaining constructive relations and avoid volatility, we will not turn a blind eye to any risks to our interests.
The Commission will remain vigilant, ready to defend European interests whenever necessary. We are closely monitoring the US Section 301 investigations, which may replace the legal basis for the US tariffs.
We need to ensure that there are no risks in this respect and that if there are changes these are only positive.
Honourable Members, today's vote is an important procedural step and a political signal that the EU stands by its word, and that we act to protect our jobs, investments and our economic prosperity.
I look forward to hearing your views in the debate. Thank you.
