Transatlantic Business Works Summit
The U.S. Chamber of Commerce and BusinessEurope co-hosted the 5th Transatlantic Business Works Summit on April 23, 2024, at the Chamber’s headquarters in Washington. This year’s theme, “Driving Competitiveness in a Changing World,” aptly captured the essence of the day’s conversations: how to foster growth, innovation and resilience while navigating a complex geopolitical environment. Support from event sponsors Amazon, Emergent Biosciences, and Google helped ensure that the summit was a platform for meaningful dialogue.
Underscoring the uniquely interdependent nature of our economies, American and European businesses alike agree that Europe has work to do to improve its competitiveness. Addressing concerns about the perceived decline in the EU’s business attractiveness, speakers throughout the day called for bold policy choices that bolster competitiveness, foster innovation, and enhance the region's appeal for investments.
Among the day’s highlights -
Unity Amidst Uncertainty: Ambassador of Ireland to the U.S., Geraldine Byrne Nason noted that notwithstanding geopolitical shifts and economic uncertainties, the transatlantic relationship remains a beacon of strength, supporting 16 million jobs and accounting for one-third of global GDP. The $8.7 trillion commercial relationship is a testament to the enduring bond between Europe and the United States.
The Threat of Protectionism: Business leaders emphasized that, even as the relationship is strong, vigilance against isolationism and protectionism on both sides of the Atlantic is essential. Suzanne Clark, President and CEO, U.S. Chamber of Commerce; Markus Beyrer, Director General and CEO, BusinessEurope; and Susan Danger, CEO, AmCham EU issued a clear call to action: Policymakers must champion competitiveness and embrace innovation.
The Power of the Single Market: Former Italian Prime Minister Enrico Letta said Europe must do more to leverage the strength of the Single Market, especially with respect to energy, telecommunications, and financial markets. He shared highlights from his recently issued report on the Future of the Single Market and said that enforcement of its rules and embracing trade openness are crucial for the EU’s prosperity.
Opportunities – and Challenges - Abound: Business executives offered insights on how their companies are navigating Europe’s digital and green transitions, the role of AI in promoting transatlantic competitiveness, and the downsides of costly regulations that seek to micromanage how business operates. In addition, British Embassy Deputy Head of Mission James Roscoe MVO spoke about the UK’s relations with both the U.S. and EU, and the Rt. Hon. The Lord Peter Mandelson addressed the importance of transatlantic coordination in navigating the complexities of relations with China.
The Future of the Transatlantic Relationship: U.S. Secretary of Commerce Gina Raimondo and White House Deputy National Security Advisor Jon Finer emphasized the importance of collaboration – on the commercial and security front – to promote a stable and prosperous future.
Paris 2024: The summit wrapped with a special performance in honor of the Paris 2024 Olympic and Paralympic Games, which symbolize the ongoing commitment to the shared pursuit of excellence.
