The United States and the European Union on Thursday issued a joint statement that frames the ongoing deal between the trading partners and solidifies some trade commitments.

“This Framework Agreement will put our trade and investment relationship — one of the largest in the world — on a solid footing and will reinvigorate our economies’ reindustrialization,” the document reads.

Together, the U.S. and the EU have 44% of the global economy.

Key points in the letter include a 15% U.S. tariff rate on most European goods, with specifics on auto tariffs tied to EU legislative actions.

In addition, the EU agrees to eliminate tariffs on industrial goods and many agricultural products, while the U.S. will reduce tariffs accordingly. The agreement also covers $750 billion in energy purchases

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