The President of the European Council, Herman van Rompuy, and the President of the European Commission, Jose Manuel Barroso, will welcome U.S. President Barack Obama at the next European Union-United States Summit which shall be held in Lisbon, Portugal, November 20.

Following the invitation by the European leaders, both sides agreed on a mutually convenient date and venue for the EU-US Summit and shall engage now in the preparations of the summit.

The European Union and the United States work together around the world to advance a common agenda based on shared history, culture and values.

The transatlantic relationship is unique in its breadth and depth and includes a commitment to advancing the ideals of democracy and human rights, fighting terrorism, and preventing the proliferation of weapons of mass destruction.

The transatlantic relationship is vital to global prosperity, and both sides are committed to cooperate in order to promote growth and jobs in their economies.

Presidents van Rompuy and Barroso are looking forward to this opportunity to meet again with President Obama to reaffirm the transatlantic agenda and advance EU-US cooperation on issues of mutual concern.

The 4.28 trillion dollar transatlantic economic partnership is a key driver of global economic prosperity and represents the largest, most integrated, and longest lasting economic relationship in the world.

Together the two transatlantic partners account for half of the global economy. They cooperate effectively on foreign policy issues, including the Middle East Peace Process, Afghanistan/Pakistan, non-proliferation, regional conflicts etc.

A regular dialogue on Foreign Policy takes place between EU High Representative Ashton and US Secretary of State Clinton. The EU and the US together provide approximately 80 percent of official development assistance worldwide.

In 1990, the Transatlantic Declaration introduced regular presidential summits between the EU and the United States.

This will be the first summit since the entry into force of the Lisbon Treaty. It also reflects the Belgian and former Spanish EU presidencies commitment for a summit to take place in 2010.

The Lisbon Treaty modernises the EU's operations, reinforces its capacity to take action, enhances democratic processes within the EU, and gives the EU a single voice in external relations.