The economic relationship between the European Union and the United States is perhaps the most defining feature of the global economy. The integration is broader and deeper than between any two other political regions in the world. The EU and US account for 35 percent of global merchandise trade, 45% of world trade in services and produce 57% of world GDP. The partnership is also the single most important driver of global economic growth, trade, and prosperity. And bilateral economic ties are increasing every year.

Headlines and policy debates frequently centre on a small portion of this vital relationship, such as trade squabbles that account for only a fraction of transatlantic commerce. In reality, the overwhelming majority of bilateral trade (goods and services) between the EU and US — a total of about € 627 billion a year or € 1.7 billion a day — is dispute-free. This trade volume between EU and US equals EU trade with the following three most important trade partners combined: Switzerland, China and Russia.

Bilateral relations transcend by far economic boundaries and their development is crucial to facing the challenges of the 21st century at a global level. The origins of interparliamentary relations between the European Parliament and the United States Congress date back to 1972 when a US Congress delegation for the first time visited the European Parliament in Brussels and Luxembourg. Indeed, this interparliamentary relationship is the longest and the most intensive one in the history of the European Parliament, both before and after the direct elections of 1979. The delegation with the EU, is one of only three official delegations of the US Congress, along those with Canada and Mexico.

On the occasion of their bi-annual meetings, the delegations are received at the highest levels of the EU institutions and the US administration, respectively.
The US Congress delegation consists of members of the House of Representatives; members of the US Senate do not usually join on delegations.
The EP Delegation for relations with the US is an official body of the European Parliament and numbers 53 members. At the 50th interparliamentary meeting on 15-16 January 1999 in Strasbourg, both delegations decided to launch the Transatlantic Legislators' Dialogue (TLD). They adopted a Joint Statement outlining the scope and resources for the development of TLD.