As the pressing need to tackle the challenges posed by climate change has become a priority on both sides of the Atlantic, the European Union and the United States are placing decarbonisation efforts at the heart of trade policy to accelerate the transition towards a net zero economy. Via the Transatlantic Initiative for Sustainable Trade, the European Union and the United States are strengthening engagement towards a transatlantic green marketplace. The ongoing work on a Global Sustainable Arrangement for Steel and Aluminium shows our resolve to rise to this challenge with a view to achieve an ambitious outcome by October 2023. During the visit of President von der Leyen to the White House in March, the European Union and the United States announced the beginning of negotiations of a critical minerals agreement for the purpose of enabling relevant critical minerals extracted or processed in the European Union to count toward requirements for clean vehicles in the Section 30D clean vehicle tax credit of the Inflation Reduction Act as well as part of a broader process by the European Union and the United States to collaborate on securing supplies of critical minerals.
In addition, the European Union and the United States launched the Clean Energy Incentives Dialogue to share information about clean energy incentive programs on both sides of the Atlantic. It will also allow the European Union and the United States to discuss systemic issues related to the design and effects of incentive programs and also develop a common understanding of market dynamics. We plan to also undertake joint analyses of non-market policies and practices of third parties to better understand their impact on US and EU companies.
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