VDMA, the association that represents the machinery and equipment manufacturing industry in Germany and Europe, believes it is crucial for the EU and U.S. to finally reach an agreement that reduces existing conformity assessment barriers for machinery products before the end of 2023. VDMA believes that its regulatory Roadmap, which calls for a Mutual Recognition Agreement between the EU and the U.S. for machinery products, would make it easier for European equipment manufacturers to have their products certified in the EU for export to the U.S. and vice versa.
During the EU-U.S. Summit, the EU and the U.S. were unable to reach an agreement on the steel and alumunium dispute. VDMA continues to urge the two sides to strike an agreement by the end of 2023.
VDMA continues to urge the EU and the U.S. to reach an agreement that would end their dispute over steel and aluminium tariffs once and for all. The EU-U.S. Summit that took place on October 20th, would have been an ideal opportunity to reach a durable accord, but instead failed to strengthen the critical trade relationship. Despite the rather disappointing result, VDMA welcomes the fact that the EU and the U.S. agreed to continue negotiating until the end of 2023 on this dispute. However, time is running out for the two sides to reach an agreement; without such solution by January 1st 2024, the possibility remains that tariffs will be reimposed from both sides. This is the last thing that the machinery sector needs.
The next meeting of the EU-U.S. TTC will be crucial
The joint statement of the EU-U.S. Summit mentioned that an upcoming Ministerial meeting of the EU-U.S. Trade and Technology Council (TTC) will be taking place later in 2023. VDMA welcomes this announcement and stresses the importance of this meeting. VDMA is hopeful that a durable solution can be found for the steel and aluminium dispute by this meeting.