(File photo: Jasper Juinen/Bloomberg)

A draft plan cited by Financial Times proposes rebuilding ties with common fronts on issues from digital regulation to tackling the COVID-19 pandemic.

“As open democratic societies and market economies, the EU and the US agree on the strategic challenge presented by China’s growing international assertiveness,” the FT cited the draft plan as saying.

The plan, which will be submitted for endorsement by national leaders at a meeting next month, proposed the launch of a new transatlantic agenda in an EU-US summit in the first half of 2021, the newspaper added.

Earlier in November, the EU imposed tariffs on up to 4 billion US imports in retaliation for US subsidies for Boeing but said it was hopeful of an improvement in trade ties under the new US administration.