On March 26, President Obama met with European Council President Herman Van Rompuy and European Commission President José Manuel Barroso at the EU-U.S. Summit in Brussels to discuss the Transatlantic Trade and Investment Partnership (T-TIP) and Europe’s economic security with regard to recent events in Ukraine. As the legislative body of the European Union (EU), the Commission proposes action to EU decision makers in the Council.

Europe relies heavily on Russian gas for its energy needs, and if established, the T-TIP free-trade agreement between the U.S. and EU countries could reduce Europe’s dependence on Russia. In his speech, President Obama noted that the U.S. can export liquefied natural gas (LNG) only to countries with which the U.S. shares a free-trade agreement. Signing the T-TIP would open European markets for U.S. LNG.

According to President Van Rompuy, the EU does not recognize Russia’s recent annexation of the Crimean peninsula, an important corridor for Russian gas delivery to Europe. In seizing this region, Russia has the potential to control more of the oil and gas transport infrastructure. According to the EU, this puts European countries’ economic security in jeopardy. For this reason, the U.S. and EU aim to provide Europe with energy diversity and greater security. The Presidents’ joint statement included a commitment by the U.S. and EU to continue progress in forming T-TIP.

President Obama’s attempt to fast track T-TIP, an action which bars the amendment process, could be stymied by Congress.  

Sources: US News; The White House Press Office