Subtitle: Speech delivered by Vice-President for Values and Transparency, Věra Jourová, on behalf of High Representative/Vice-President Josep Borrell 

Check against delivery!   

Mr President, Honourable Members of the European Parliament,

The EU-US Summit took place on the 20th of October and marked the second meeting of its kind organised with the Biden Administration. Our goal was clear – to consolidate and strengthen the relationship between the European Union and the United States, particularly as we approach elections on both sides of the Atlantic next year. 

I am delighted to report that this objective was fully shared by both the European Union and the United States. The commitment to fortify our partnership was demonstrated by the high-level participation in the Summit. President Biden was accompanied by four of his Cabinet members, including Secretary of State [Antony] Blinken, Secretary of the Treasury [Jane] Yellen, Secretary of Commerce [Gina] Raimundo, and Trade Representative Ambassador [Katherine] Tai. On the European side, Presidents [Charles] Michel and [Ursula] von der Leyen led the way, with the presence of High Representative [Josep] Borrell, Executive Vice-President [Valdis] Dombrovskis, and myself. 

The Summit can be deemed a success. Our joint commitment to stand by Ukraine for as long as it takes was reaffirmed. We also underscored the critical importance of transatlantic ties, especially in the face of increasing geopolitical challenges. Notably, we made significant progress towards a Global Arrangement on Sustainable Steel and Aluminium (GSA) and a Critical Minerals Agreement (CMA). We reiterated the importance of the EU-US Trade & Technology Council and agreed on the need to advance meaningful reform within the World Trade Organization (WTO). 

In the context of the Steel and Aluminium Arrangement, we made substantial strides in identifying the sources of non-market excess capacity and outlining the tools required to decarbonise the steel and aluminium industries. We are committed to continuing this progress in the coming months with the aim of fostering undistorted transatlantic trade in these sectors. 

Negotiations on the Critical Minerals Agreement (CMA) also advanced significantly, and we will continue to engage with the United States and consult with our Member States to finalise an international agreement. This agreement will allow EU critical minerals to benefit from subsidies for [electric] vehicles and help integrate transatlantic critical mineral and battery supply chains. Moreover, the Critical [Minerals] Agreement will enable us to jointly advocate for environmental protection and labour rights in trade and international supply chains of critical minerals. 

President von der Leyen and President Biden highlighted the substantial progress made under the EU-US Trade and Technology Council (TTC). Cooperation within The Council has been instrumental in strengthening the trade-related aspects of our response to Russia's aggression against Ukraine and effectively addressing trade irritants and disputes. It remains crucial for creating a resilient and green transatlantic marketplace. We look forward to seeing further progress at the upcoming Technology and Trade Council Ministerial meeting before the end of year.

Furthermore, we have agreed to collaborate in raising cybersecurity standards to protect consumers and businesses, reduce vulnerability to cyberattacks, and lower trade barriers in this area. 

There is a strong interest on both sides on artificial intelligence, as reflected in the Summit conclusions. We both want to reap the benefits of this transformational technology while addressing the risks. We have made substantial progress in our bilateral cooperation, and the initiative for a code of conduct for generative AI, which was first launched at the TTC in May this year, was adopted by the G7 last [week].

Our discussions also emphasised the need to enhance economic resilience and security, particularly by reducing supply chain vulnerabilities, especially concerning raw materials essential to the green and digital transition. We recognise the importance of bolstering transatlantic supply chains and addressing potential risks related to technology security and technology leakage while countering economic coercion. 

Thank you very much. 

• Link to the video (starting as of 6:27): https://audiovisual.ec.europa.eu/en/video/I-248069