President Obama will travel to Portugal in November to meet with the leaders of the European Union.

The White House announced on Tuesday that Obama would join in a summit in Lisbon on Nov. 20, where he'll meet with the leaders of the European Union, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso.

"The United States has no stronger partner than Europe in advancing security and prosperity around the world," the White House said in a statement on the meeting. "The United States and the European Union are continually working together to advance a broad agenda based on a common history, shared values and enduring ties."

At the top of the agenda for the meeting will likely be Europe's economic stability, which was shaken earlier this year by debt crises in some EU member states. The large debts forced a bailout of some governments and roiled the euro in a minor shockwave that reverberated throughout global financial markets.

Some U.S. economists and lawmakers have said that the European debt crisis contributed to slowed economic growth in the second quarter, meaning that the EU's stability could be key to U.S. growth. 

"This is good news for the transatlantic partnership," said Head of the European Union Delegation to the United States, Ambassador Joao Vale de Almeida. "I look forward to the first EU-US Summit after the entry into force of the Lisbon Treaty. There is a lot for both sides to do together to tackle common challenges. From foreign policy issues to jobs and growth, EU and US can only benefit from an even closer cooperation. A meeting of Presidents Obama, van Rompuy and Barroso will definitely provide a new impulse to an already vibrant relationship. I am eager to contribute to a substantial and meaningful summit."

The White House noted that the economic relationship between the U.S. and EU is "vital to global prosperity, and we are committed to cooperating to promote strong and sustained growth in our economies."

Notably, the meeting will also be held shortly after voters in the U.S. head to the polls, perhaps affecting Obama's political standing as he heads to another meeting with world leaders.

Updated 12:56 p.m.