Trade Relations the EU and the USA

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2. Trade relations between the EU and the USA

2.1. Historical development
On August 11, 1952, the United States became the first non-member country to provide international recognition to the European Coal and Steel Community (ECSC), the precursor to today’s European Union.
Diplomatic relations between the U.S. and the European Community were initiated in 1953 when the first U.S. observers were sent to the European Coal and Steel Community. In 1990, the Transatlantic Declaration formalized relations between the EU and the US. Five years later, the New Transatlantic Agenda outlined a new framework for those relationships, including four areas for joint action: promoting peace, stability, democracy, and development; responding to global challenges; contributing to the liberalization and expansion of world trade; and improving communication and ensuring a long-term commitment to our partnership.
The Transatlantic Economic Council (TEC), established in 2007, advances EU-U.S. economic integration by bringing together governments, the business community, and consumers to work on key areas where greater regulatory convergence and understanding can reap rewards on both sides of the Atlantic. It provides the opportunity to defuse transatlantic trade disputes as standards are being developed, rather than after the fact.
Launched in 2013, the current Transatlantic Trade and Investment Partnership (TTIP) negotiations between the EU and the United States are designed to increase trade
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