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In the lead-up to the official U.S.–EU Summit, the German Marshall Fund hosted EU Trade Commissioner Peter Mandelson for a discussion on recent developments in the European Union and how they will impact transatlantic relations and economic ties. Commissioner Mandelson’s June 17 remarks focused on the challenges that the United States and the EU face in a changing global economy.   Speaking to congressional staff, representatives from European embassies, and the media, Mandelson underscored the value of open trade and economic cooperation to ensure the global competitiveness of the U.S.–European alliance. Airing his concerns over increasing protectionism on both sides of the Atlantic, Mandelson argued that while these policies can save jobs in the short term they will create a distinct disadvantage in the long run.   “It will threaten our own prosperity and the international trading system we have labored to build since the end of the Second World War,” he said. Mandelson proposed redirecting U.S. and European investment into workforce training and research to reduce the “costs” of trade liberalization, such as joblessness, while educating the public about the benefits of globalization.   Mandelson also backed free and fair trade as the single most effective tool for ending poverty and achieving sustainable development. He called for the United States and Europe to open their markets and increase trade capacity in the poorest countries, especially on the African continent. Transatlantic leadership will be key, Mandelson stressed, for a successful agreement at the December WTO Ministerial in Hong Kong.   Commissioner Mandelson’s address followed a panel discussion on regulatory convergence between the United States and the EU with: Andrew McLaughline, senior policy counsel for Google Inc.; Mark MacCarthy, senior vice resident for public affairs at Visa U.S.A.; Robert Peppers, chief of plans and policy at the Federal Communications Commission; and Grant Aldonas, director of GMF’s economic policy program and former undersecretary of commerce for international trade.  GMF Senior Transatlantic Fellow Richard G. Phillips, Jr., moderated the event.   Click here for the full text of EU Commissioner Mandelson's speech.