The U.S.-EU Economic Partnership
Economy | Information | History | Online | Facts | World | Global | Money
With economic recovery still sluggish in the United States and Europe still dealing with its economic crisis, the European Union and the United States have jointly decided to launch negotiations on a Transatlantic Trade and Investment Partnership to boost jobs and growth. The case for such an agreement is strong. Although trade barriers are already low, the sheer size of the transatlantic economy —$30 trillion — means that even small improvements can yield significant gains. With half of the world GDP, one-third of world trade flows and 15 million jobs linked to it, the transatlantic economy is still the driver of the world economy. A Transatlantic Trade and Investment Partnership would thus have global implications and could also deliver much needed progress for global trade. The Hon. Carl Bildt, Minister for Foreign Affairs, Sweden The Hon. Karel De Gucht, Commissioner for Trade, European Commission The Hon. Michael Froman, Assistant to the President and Deputy National Security Advisor for International Economics, U.S. National Security Council Mr. Martin Jaeger, Vice President Global External Affairs, Daimler AG Moderator: Mr. Bruce Stokes, Director of Global Economic Attitudes, Pew Research Center
Comments
-
Who was asking a question at 56:30?
-
White christian/jewish males continuing to ruin our planet because of their continued greed, looking forward to seeing how this pans out.
-
dont bay any shit from eu and usa
-
JOINT STATEMENT OF THE TRANSATLANTIC ECONOMIC COUNCIL
NOVEMBER 9, 2007
The United States and the European Union recognize the importance of our shared
commitment to reducing barriers to international trade and investment to increase the
standard of living of our citizens. Our leaders agreed at the April 2007 U.S.-EU Summit
on a Framework for Advancing Transatlantic Economic Integration between the United
States of America and the European Union, which indicated priority areas for work. A key
element of this new initiative was the establishment of the Transatlantic Economic
Council to oversee the efforts outlined in the Framework and accelerate progress on
economic integration. The Council is co-chaired by Allan Hubbard, Assistant to the
President for Economic Policy and Director of the National Economic Council, and Günter
Verheugen, Vice-President of the European Commission, and is formally advised by the
Transatlantic Business Dialogue, the Transatlantic Consumers Dialogue, and the
Transatlantic Legislators Dialogue.
Since April, the United States and the European Union have made substantial progress in
removing barriers to trade and investment and in easing regulatory burdens.
• Today, we launched an investment dialogue aimed at reducing barriers to
transatlantic investment and promoting open investment regimes globally.
• On accounting standards, we anticipate that the U.S. Securities and Exchange
Commission will soon complete a rulemaking to accept, without reconciliation to
U.S. GAAP, financial statements of EU issuers prepared in accordance with
International Financial Reporting Standards; and that the European Commission is
preparing a mechanism that will allow use of U.S. GAAP.
• In order to enhance security and facilitate trade, we have established a road map
for reaching mutual recognition in 2009 of U.S. and EU trade partnership
programs through key performance-based stages.
• We have eased the burden of introducing new drugs for rare diseases by agreeing
on a common format to apply for orphan drug designations.
• We have issued a joint report on regulatory impact assessments with the goal of
ensuring that such assessments take due account of the impact of future
regulations on international trade and investment.
• Before the next U.S.-EU Summit, and after receiving scientific advice, the
European Commission will act to definitively resolve the long-standing issue
regarding the importation into the EU of U.S. poultry treated with pathogen
reduction treatments.
• In 2008, the U.S. Federal Communications Commission will review products
subject to its mandatory third-party testing to allow suppliers declarations of
conformity for products with a good record of compliance with relevant standards.
• By the time of the next meeting of the Transatlantic Economic Council, the U.S.
Occupational Safety and Health Administration, after conferring with its European
Commission counterparts, will report on progress made to facilitate trade in
electrical products with respect to conformity assessment procedures for the
safety of such products.
• Our experts have reached preliminary agreement on the areas in which existing
standards for pure biofuels are compatible and will, by the end of the year,
identify areas in which additional progress can be made in 2008.
• In 2008, the European Commission will table a legislative proposal allowing access
to information by patients on legal pharmaceuticals.
• In order to reduce costs for transatlantic trade, the European Commission has
proposed legislation to allow the importation into the EU of products labeled with
both English and metric measurements.
The Council welcomes the Financial Markets Regulatory Dialogue’s consideration of how
and in which areas to establish mutual recognition in the field of securities and
identification of other approaches to facilitate cross-border trade in financial services.
Our ambitious work has only begun. The Council will continue to address priorities
identified at the last U.S.-EU Summit and will work with stakeholders to identify other
priorities to be addressed by the Council. We also intend to enhance cooperation on
import safety. Our work over the months since the Summit has shown the kind of
progress we can make, but it is only the start of what will be a long and fruitful process.
0m 0sLenght
18Rating