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News Releases
Transatlantic Economic Council
Co-Chairs US National Economic Council Director Allan
Hubbard & European Commission Vice President
Günter Verheugen, Press Conference, 1st TEC Meeting,
November 9, 2007
No. 112/07
November 9, 2007
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
US-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 Consumer
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 US Securities and Exchange Commission
will soon complete a rulemaking to accept, without reconciliation to US GAAP
[Generally Accepted Accounting Principles], 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 US GAAP.
- In order to enhance security and facilitate trade, we have established a road
map for reaching mutual recognition in 2009 of US 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 US-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 US
poultry treated with pathogen
reduction treatments.
- In 2008, the US 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
US
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 [introduce] 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 US-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.
For additional information, please see:
http://www.eurunion.org/partner/euusrelations/TEC.htm .
Further Contact Information
Press and Public Diplomacy
Delegation of the European Commission
2300 M Street, NW
Washington, DC 20037
http://www.eurunion.org/PressRoom
Tel: 202-862-9552
Fax: 202-429-1766
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