Narrowing the Atlantic: The way forward for EU-US trade and investment

The financial crisis has provoked a dramatic contraction in world trade. With economic activity declining and job losses rising, protectionist pressures are mounting. The EU and the US, which have built their mutual prosperity on open markets, must make sure they resist such pressures. But holding the line against protectionism is not enough. The EU and the US must recover their appetite for market opening and lower the barriers that still impede their commercial relations – with each other and the rest of the world. This means working bilaterally to reduce the regulatory obstacles that still gum up trade and investment flows across the Atlantic; and providing new impetus to trade liberalisation efforts within the WTO.