The European Union and the Trans-Atlantic Market

Most often, when one talks about trans-Atlanticism, it is in reference to European and international security issues, with NATO being the main focus.

Sometimes the EU-U.S. strategic partnership is included, especially in the context of bilateral meetings, when common solutions are sought in international trade negotiations or when global responsibilities are assumed that are of interest to the partners on both sides of the Atlantic. I often write about trans-Atlanticism, but I think there hasn’t been enough focus on market issues, which is a huge shortcoming. It is a suggestion that should also be taken into account when adopting solutions that have been generated for the current international economic and financial crisis, both in the EU and the United States.

Market Relations

I confess that I revisited this topic after being influenced by the very recent analysis of Professor Daniel S. Hamilton (USA) but also by the feverish search by the EU and the United States in Asia, Africa and Latin America for ways to intensify trade and economic relations with these areas. I underline from the very beginning that their respective orientations are objectively justified and deserve to be continued and fructified. But, like Professor Hamilton said, it’s reasonable to think also of the EU’s potential to strengthen “organic ties” with North America — all the more, if one considers that relations between the two trans-Atlantic players since World War II have produced results that were beneficial both bilaterally and globally. It is worth mentioning that the two partner entities have held half of the global income and that in matters of trade, investment, innovation and international trade rules and standards, each is the main partner of the other.

Competition and Cooperation

Now, when achieving top global competitiveness is a vital issue for the U.S. and the EU, the two players should undertake a global competition by means of cooperation, coordination and convergence, not by dispute and sometimes even through monetary or trade “wars.” In the end, this is because there are obvious mutual investment preferences and even an aspiration toward a trans-Atlantic economic integration that manifests itself in various sectors. And it is obvious that the economies of the EU and the United States are the most open, without one practicing total freedom over the other.

Studies from recent years show that the impact of mutually opening the EU Single Market and the market on the North American continent would be a huge win for corporations and [small and medium enterprises]. It would be tantamount to giving each European and American the value of an extra yearly salary for the duration of the working lifetime. Developing tariff agreements, aligning legislation in areas of mutual interest and establishing a common option to ensure international acceptance of certain global standards in areas such as intellectual property protection, food safety and consumer protection, procurement, etc. should be the permanent agenda concerns of the EU-U.S. strategic partnership, finalized through concrete and fast results.

The EU and the Trans-Atlantic Market

Stabilizing the trans-Atlantic market to clearly show the upward trajectory of post-crisis global competitiveness does not mean abandoning the internal objectives of the two entities to restructure their own economies and markets. In reference to the EU, participation in the construction of the trans-Atlantic market should decisively stimulate domestic modernization aspirations along with involvement in the management of global interdependencies. Of course, the EU has an obligation to quickly decide the path/model for its sustainable development, one that would arise naturally from the post-crisis recovery.

It would be necessary for the EU to focus on raising productivity in all of its subregions, particularly in its southern area. The long-awaited legislation to modernize the internal market is expected to be applied quickly to the member states and the branches of economy. The focus on the Digital Single Market, the European energy market, the market for services and research/innovation would bring significant trump cards to the European economy. It would also place it favorably in the multipolar world of tomorrow, in which it would meet new centers of economic and political power in the effervescence of connectivity and global competitiveness.

Romania and the Trans-Atlantic Market

Romania, as an EU member state and a strategic partner of the United States, could contribute to the formation of a trans-Atlantic market and would gain significant benefits from dynamic involvement in such a project. This is because it has created for itself a real dependency on the EU Single Market. And in terms of the strategic partnership with the United States, Romania has received greater weight in the international security sector, while the amplification of economic relations, trade and investments remains a desideratum covering more rhetoric than fact.

In addition, a more pronounced trans-Atlantic integration would persuade the European neighborhood that there is no more room for tilting between the capabilities of the two sides of the Atlantic, as they are participants converging in the production of benefits for the global community.