The U.S. Chamber of Commerce has long supported free enterprise and trade, recognizing global engagement as key to upholding our nation’s values, security, and alliances while promoting economic growth. Through global and commercial partnerships, the U.S. has thrived, boasting the world's largest commercial trade relationships — worth over $7 trillion and creating over 16 million jobs — through two-way trade and investment with Europe.
“Our success in advancing our values and priorities … depends on robust global partnerships, and America's strategic and commercial alliance with Europe has never been stronger or more important,” Suzanne P. Clark, President and CEO of the U.S. Chamber of Commerce, said.
At a recent Chamber event, Valdis Dombrovskis, Executive Vice President of “An Economy that Works for People” at the European Commission, spoke about the need for the U.S. and European Union (EU) to work together to institute fair and strategic regulations to ensure a competitive and longstanding global partnership.
Defending Global Democracy Is Essential Against Election Threats
For almost one-third of the globe, 2024 will be a major election year. However, with the threat of election manipulation looming — including threats from Russia to interfere with democratic systems worldwide — Dombrovskis warns that now is the time to “fight back in the global information war.”
“[Russia’s] illegal, unprovoked war against Ukraine illustrates the dangers that the democratic world faces again,” Dombrovskis said. “Russia's attack on a democratic country challenges the international rules-based order built by Western democracies after [World War II].”
Dombrovskis stresses that for the sake of preserving freedom and ensuring long-lasting peace, the U.S. and Europe must unite in supporting Ukraine against Russian aggression by:
- Providing military and financial support to Ukraine and accepting them into the EU and NATO.
- Holding Russia accountable by applying pressure and continuing to enforce sanctions on Russian companies and those who export goods to Russia.
- Strategically using frozen Russian assets to support Ukraine.
Strengthened Transatlantic Leadership Is Needed to Uphold a Rules-Based World Order
Strong transatlantic partnerships and solutions that come from working together in international groups — such as the U.S.-EU Trade and Technology Council (TTC) — are crucial for global influence. Additionally, Dombrovskis reaffirmed the need to reform and revitalize the World Trade Organization (WTO), a crucial piece of this strategy, as it governs 75% of world trade.
“Global problems need global solutions, and this begins within multilateral institutions,” Dombrovskis said.
Warning against a fragmented trade system based on power dynamics, which could disadvantage all but potentially benefit China, he advocates for strong transatlantic leadership on this front.
“In Western countries, including the U.S., if we want to maintain rules-based world order and balance China's influence in particular, there is no alternative to strengthening transatlantic leadership in this forum,” Dombrovskis said.
