The American Institute for International Steel, Inc. (AIIS) and the EUROMETAL Steel Trade Study Group (STSG), a Luxembourg-based non-profit association representing the interests of European steel traders and shippers, announced Monday that they have signed a Memorandum of Understanding (MOU) under which the two groups will, for the first time, work together to advance global free trade in steel.
The agreement was announced in Washington, DC, by AIIS Executive Director Richard Chriss, and in Luxembourg by EUROMETAL Director General Georges Kirps.
The heads of the two groups stated that the purpose of the MOU is to provide a framework for cooperation and to facilitate collaboration, particularly in advancing free and responsible trade in steel within international forums (such as the World Trade Organization and the Paris-based Organization for Economic Cooperation and Development) and in the context of trade negotiations.
In announcing the formation of their new partnership, Chriss noted the complementary nature of the missions of the two associations:
“Free trade in steel and steel-related products contributes greatly to the economic well-being of both the United States and the EU. Our members, who are involved in almost every aspect of the steel business, are very enthusiastic about this agreement because they strongly appreciate the value of trans-Atlantic cooperation in support of free trade. We see this new alliance with our European colleagues as a logical step forward in support of our common goals.”
EUROMETAL’s Kirps agreed, commenting “We serve as a partner to all steel stakeholders in Europe, and seek to promote their interests in world steel markets. But we are living in a world that, in many ways, is getting smaller all the time. A large percentage of global steel output is traded beyond national borders. We see the challenges to free trade becoming more difficult and more complex, and increasingly being shifted beyond national borders in Europe to the WTO, to the OECD, and elsewhere. That’s why we are so delighted to have such a distinguished organization as AIIS as a new, like-minded partner in advancing free trade in steel.”