Annex I sets out details of the economic relationship. In addition, following the completion of the Uruguay Round average industrial tariffs between the partners are low and a high proportion of trade is already duty free. Despite occasional trade disputes, most of this trade is trouble free. However there are many ways in which trade and economic relations can be further facilitated e.g. by removing existing impediments. Some can be advanced on a bilateral basis, others will be best handled in the multilateral context.
Tariffs are by no means the most important of the remaining impediments.
The fact that the EU and the US are the two biggest economies in the world affects their relationship. Policies pursued in each economy exert a major influence on the other and on global growth prospects. It is the responsibility of both partners to take account of these effects in their strategy in order to contribute effectively to international economic stability. This warrants a dialogue which should encompass not only the traditional area of trade but also macroeconomic issues. Moreover it involves participation in and follow-up of international initiatives on subjects of global concern such as growth, the environment, population trends.