A 6-point plan for a transatlantic bargain

As leaders meet at the European Council this week, they urgently need to seize the opportunity of transforming – rather than restoring – the transatlantic alliance. Offering President-elect Biden a new transatlantic bargain that appeals to both European and US interests will set this in motion. 

The signatories call on EU leaders to adopt six key agenda points as part of the EU-US summit in the first half of 2021:

• TRADE: On the global trade agenda, the EU can offer to work with the Biden administration to lead reform of the World Trade Organization (WTO).
• CLIMATE: The EU and US should adopt a common carbon border tax regime, forming a sort of low-carbon trade zone. Such an arrangement would help create a level playing field between the EU and US, each one another’s largest trading partner.
• DIGITAL SOVEREIGNTY: Europe must evolve from a regulatory superpower to a tech superpower if it hopes to truly safeguard its values and interests in the digital space, reap the economic benefits of emerging digital technologies, and keep Europeans safe from disinformation and cyber-attacks.
• EASTERN NEIGHBORHOOD: The EU is much more directly affected by Russia’s actions than the US is. European countries are both Russia’s biggest energy customers and the states much more affected by Russia’s aggressive foreign policies, whether in Ukraine or Syria.
• IRAN: Having worked so hard to preserve the Iran nuclear deal over the last four years, European governments and the EU should clearly call on the incoming Biden administration and Iran to swiftly come back into full compliance with the nuclear deal.
• TURKEY: It is important for the Biden administration and Europe to synchronize their policies and decide on a division of labour when it comes to transforming, redefining and improving ties with Ankara.

Mark Leonard, ECFR’s director, comments:
“The biggest threat to the Atlantic alliance is European weakness rather than strategic autonomy. Instead of waiting for the new president to tell them what he wants from the relationship, Europeans should show they can be a grown-up partner and offer Biden a new transatlantic bargain. A strong west needs a strong Europe.”

Signatories of the statement include politicians, academics and other prominent senior experts including former prime minister of Sweden, Carl Bildt, former prime minister of Finland, Alexander Stubb, and the Chair of the Munich Security Conference, Wolfgang Ischinger. See the full list here.