Yes pretty much exactly. Organic is the US equivalent of Bio in the EU. There are differences in the specifics of what the standards are, some looser, some tighter. The goals of the standards are also a bit different, with the organic label in the US being more focused on soil health, land management and environmental impact, less focused on the “healthiness” of the final product for the consumer. Although lots of people in the US take the label organic to mean “healthy” despite that not really being the goal.