future partnerships, particularly where such partnerships receive financial support from the Union budget or entail a closer contractual relationship with the EU; USA 29. Underlines the fact that the partnership with the USA is based on strong political, cultural, economic and historical links and on shared values such as freedom, democracy, human rights and the rule of law; strongly believes that the USA is the EU’s most important strategic partner, notwithstanding diverging views on important issues; urges the EU, therefore, to give clear political priority to deepening transatlantic relations at all levels and broadening them to include other transatlantic partners, with the objective of pursuing mutual benefit and reciprocity; 30. Takes the view that the EU and the USA need to cooperate closely with regard to the peaceful resolution of the conflicts and crises arising as a result of Iran’s nuclear programme and the transition process in the Arab Spring countries and the Middle East; welcomes President Obama's commitment to a two-state solution to the Israeli-Palestinian conflict; calls on the EU, following parliamentary debate, to intensify diplomatic activity as part of an agreed comprehensive political strategy for the long-term stability and security of the whole region; 31. Welcomes the announcement concerning the launch of negotiations on the Transatlantic Trade and Investment Partnership (TTIP), which could give the EU and US economies an important boost, stimulate progress on other international agreements and represent a model to be followed by other regional and global actors; recalls the need to set up a Transatlantic Political Council; notes that, in the meantime, the practice of holding annual EU-US summits provides an opportunity to identify common objectives, coordinate strategies in relation to threats and challenges of global relevance, develop a common approach to emerging powers, ensure multilateralism and exchange best practices; recalls that the annual EU-US summit has not yet been held this year; points out, furthermore, that the eventual conclusion of the TTIP, and of the ongoing EU negotiations with Canada, will create the prospect of a wide economic space that would include North America, the EU, and many Latin American countries and bring economic growth and jobs; suggests exploring further political opportunities for triangular transatlantic cooperation; 32. Considers that in order to build trust it is necessary for the USA to comply with sensible data protection legislation and change its data collection activities directed against the EU and its citizens, and asks for the speedy conclusion of the EU-US umbrella agreement on data protection, which would provide information and legal redress for EU citizens; stresses that the recent disclosures have raised concerns across Europe that may harm EU-US relations; recalls that data protection must be respected by both the EU and its partners, and considers that common standards for the sharing of classified information that protect the freedom of both US and EU citizens are necessary; Russia 33. Reiterates its support for the Union’s policy of critical engagement with Russia; considers Russia to be an important strategic neighbour, but takes the view that in order to build a genuine partnership the fundamental values of democracy, human rights and the rule of law must be respected; welcomes cooperation with Russia on important international issues, especially with regard to the Middle East, Iran, Afghanistan and Syria;