The transatlantic economic relationship is underpinned by the most
important trade and economic links in the world. In order to strengthen
further these links to the benefit of our people and firms, we have
decided to build on the New Transatlantic Agenda signed in Madrid in
1995. This initiative will reinforce our cooperation and joint leadership
in international economic relations and fora.
The European Union (EU) and the United States (US) share the world’s
largest and most complex economic relationship. Two-way trade represents
around one-fifth of each other’s total for goods and one-third
for services. Furthermore the US and EU each account for approximately
half of the other’s foreign direct investment abroad. The prosperity
of our populations is intertwined to an ever-increasing extent; and
as the European Union has grown and deepened its integration, this process
has accelerated.
We have a fundamental interest in a dynamic, respected system of international
trade rules. The size of our economies and the volume of transatlantic
trade and investment have a significant effect on this system. Past
multilateral efforts to open markets have often been led by the US and
EU. As we look ahead, it will be important for the US and EU to demonstrate
our support for the further opening of markets world-wide.
In 1995, we committed ourselves to expand and deepen cooperation on
economic issues through the New Transatlantic Agenda (NTA) by taking
concrete steps to strengthen the multilateral trading system and enhance
the transatlantic economic relationship. We are pleased with the progress
of the NTA so far. Under the NTA, we have laid the basis for multilateral
trade negotiations and have finalised agreements on mutual recognition
of testing and conformity assessment, customs co-operation and equivalency
in veterinary standards and procedures. And in December 1997 we committed
ourselves to enhance our regulatory cooperation while facilitating consumer
protection.
We now believe the time has come to build on the NTA’s highly
significant achievements. Accordingly, we agree to reinforce our close
relationship through an initiative involving the intensification and
extension of multilateral and bilateral cooperation and common actions
in the field of trade and investment. Our reinforced partnership can
be instrumental in setting the agenda for a more open and accessible
world trading system and at the same time can greatly improve the economic
relationship between the EU and US, reduce frictions between us, and
promote prosperity on both sides of the Atlantic.
The partnership will encompass multilateral and bilateral elements
as outlined below.
Multilateral action
In keeping with our leading role in the world trade system, we reaffirm
our determination to maintain open markets, resist protectionism and
sustain the momentum of liberalisation. The most effective means of
maintaining open markets and promoting the expansion of trade is the
continued development and strengthening of the multilateral system.
The EU and US will give priority to pursuing their objectives together
with other trading partners through the World Trade Organisation. Today’s
WTO Ministerial Conference will play an important role in carrying forward
the implementation of the WTO built-in agenda and in laying the groundwork
for further multilateral negotiations leading to broad-based liberalisation.
As part of our effort to strengthen further the multilateral system
and seek wider trade liberalisation, our shared objectives are:
The full implementation of WTO commitments and respect for dispute
settlement obligations;
Ambitious objectives and offers for the liberalisation of services
in forthcoming WTO negotiations;
The multilateral negotiations for the continuation of the reform
process in agriculture in full conformity with Article 20 of the
WTO Agreement on Agriculture;
The intensification of forward-looking work in the WTO on trade
facilitation;
A broad WTO work programme for the reduction on an MFN basis of
industrial tariffs and the exploration of the feasibility of their
progressive elimination within a timescale to be agreed;
The adoption of common positions on the respect for and further
improvement of the intellectual property rights identified in the
Agreement on Trade-Related Aspects of Intellectual Property Rights
(TRIPS);
The development of common approaches in appropriate multilateral
fora on investment, competition, public procurement and trade and
the environment;
Cooperation on the accession of new members and the better integration
of LLDCs in the multilateral trading system;
The development of a comprehensive work programme for electronic
commerce in the WTO covering trade-related aspects and the continuation
of the current practice of not imposing customs duties on electronic
transmissions;
Support for the observance of internationally recognised core
labour standards and the goal of reaching agreement on an ILO declaration
and follow-up mechanism, noting the important role of the social
partners in the process, and rejecting use of labour standards for
protectionist purposes; and support for the continuation of the
dialogue on measures in the relevant fora to combat corruption.
Bilateral action
The EU and the US will intensify their efforts to reduce or eliminate
barriers to trade and investment between them. This will be done in
ways which are in full conformity with their international and, in particular,
WTO obligations and supportive of the primary goal of multilateral liberalisation
making as much progress as possible before 2000. Such efforts will expand
transatlantic commerce and reduce frictions, benefiting both our peoples.
We will maintain high standards of safety and protection for health,
consumers and the environment. Our partnership will not create new barriers
to third countries.
We will focus on those barriers that really matter to transatlantic
trade and investment and to this end we will aim in particular at the
removal of those regulatory barriers that hinder market opportunities,
both for goods and for services. We will concentrate specifically on
the following:
technical barriers to trade in goods, reinforcing our efforts
for the elimination or substantial lowering of the remaining barriers,
while further pursuing our commitment to high health, safety and
environmental standards;
services, with the aim of substantially improving opportunities
for market opening to the benefit of consumers and small, medium
and larger enterprises;
agriculture, with the objective of strengthening our regulatory
cooperation in the field of human, plant and animal health issues,
including biotechnology, while recognising the importance of continuing
to improve our respective regulatory processes and of improving
our scientific cooperation.
government procurement to increase and facilitate access to public
procurement markets, including by enhancing the compatibility of
electronic procurement information and government contracting systems;
intellectual property as identified in the Agreement on TRIPS
in order to improve the protection of rightholders and to reduce
costs.
We will build on efforts already underway for goods but extending
to services, to cover as wide a range of barriers and sectors as possible
identifying the priorities both for the near and longer term. Instruments
to achieve this will be:
The mutual recognition of testing and approval procedures, of
equivalence of technical and other requirements and, in certain
areas, where appropriate, the progressive alignment or, where possible,
the adoption of the same standards, regulatory requirements and
procedures adopting internationally agreed standards where possible;
The intensification of the dialogue between scientific and other
expert advisers, standard setting bodies, and regulatory agencies;
A high degree of transparency and consultation with all interested
parties.
Within the framework of our bilateral partnership we will seek to
advance our shared values in the areas of labour and environment.
We will explore the scope for further cooperative dialogue and greater
compatibility of procedures between our competition authorities.
We will maintain and extend our work on electronic commerce as set
out in the joint statement at the Washington Summit of December 1997.
Extending the Transatlantic Dialogue
The EU and US recall the imaginative and practical approach of EU
and US business in the Transatlantic Business Dialogue which has contributed
directly to many of the NTA’s successes, such as the Mutual Recognition
Agreement. We urge the TABD to continue and extend its valuable contribution
to the process of removing barriers to trade and investment. We reaffirm
our commitment in the New Transatlantic Agenda to promote dialogue between
representatives of consumer and labour interests as illustrated by the
helpful second meeting of the Transatlantic Labour Dialogue held in
London in April. We invite interested non-governmental organisations
to participate and extend this dialogue on consumer protection, scientific,
safety and environmental issues relevant to international trade as a
constructive contribution to policy making.
In line with our commitment to encourage greater transparency in the
work of international trade bodies, we will seek to facilitate the closer
association of business and other interested non-governmental constituencies
with the activities of the WTO and other international trade organisations,
as well as with our bilateral activities.
* * * * * * * * * * *
Within the framework provided by the NTA we will establish a dynamic
process yielding concrete results with the intention of applying them,
where agreed, at the relevant levels of government in the EU and the
US; and to this end we will pursue the multilateral and bilateral actions
set out in this statement as follows:
Establish as soon as possible a Plan identifying areas for common
actions both bilaterally and multilaterally, with a timetable for
achieving specific results;
Take all necessary steps to allow the early implementation of
this Plan, including any necessary authority to start negotiations
.
*Nothing in this text constitutes an EU negotiating mandate.
European Union - Delegation of the
European Commission to the United States
2300 M Street, NW, Washington, DC 20037
Telephone: (202) 862-9500 Fax: (202) 429-1766
