BRUSSELS: The European Union called on incoming US President Joe Biden to form a "new founding pact" with Europe working on issues such as peace, security, prosperity, freedom and human rights.

"Today is more than a transition. Today is an opportunity to rejuvenate our transatlantic relationship, which has greatly suffered in the last four years. In these years, the world has grown more complex, less stable and less predictable".

"On the first day of his mandate, I address a solemn proposal to the new president. Let's build a new founding pact for a stronger Europe, for a stronger America and for a better world."

Michel said the two should work on five priorities - boosting multilateral cooperation, combating COVID-19, tackling climate change, economic recovery with a digital transformation and joining forces on security and peace.