The United States is by far Europe’s most important Economic Partner

The authors argue why positions of the entire current account—and not just goods trade accounts—are best suited to describe economic ties between countries. According to Eurostat balance of payments statistics, the United States is by for the EU’s most important foreign economics partner while China ranks fourth, after the United Kingdom and at a similar level as Switzerland. As implication for the EU Commission’s foreign trade policy the authors recommend aiming for pragmatic solutions to intensify economic exchange with all major trading partners. Thereby, a free trade agreement with the United States should be prioritized.