The United States and the European Union announced today that a compromise has been found to suspend a 17 year-long dispute over illegal subsidies for Boeing and Airbus. This long-running conflict has led to retaliatory tariffs which have amounted to billions of dollars and affected a range of exports on both sides of the Atlantic.
“The commitment to stop the confrontation is a relief in itself. For so many years, the tit-for-tat trade sanctions only resulted in a lose-lose situation for both the EU and the US. The sky is finally clear and confirms the transatlantic bond. This is excellent news for thousands of European as well as American companies which were indirectly trapped in the vicious circle of the Boeing-Airbus dispute. Its significance grows even more when the effects of the COVID-19 pandemic are still hurting our economies”, explained Christophe Hansen MEP, EPP Group Spokesman on International Trade.
“In a dispute where both parties were found to have breached subsidies rules, a negotiated agreement is the best outcome. It marks a reset in our relationship with our biggest and most important trading partner and is yet another step towards restoring confidence and trust. With the many geopolitical challenges posed by China and Russia, it is important to have a thriving and collaborative transatlantic partnership. A positive EU-US trade relationship is key to global trade at large”, said Danuta Hübner MEP, EPP Group Spokeswoman for relations with the United States within the European Parliament’s International Trade Committee.
“We hope that this 5-year suspension will lead to a final settlement of the conflict. Let’s hope that this commitment paves the way to solving other trade irritants, such as removing punitive tariffs imposed on steel and aluminium that are still tainting our bilateral relations”, concluded both MEPs.
The EPP Group is the largest political group in the European Parliament with 178 Members from all EU Member States