Brussels, 10th November 2007
1st Transatlantic Economic Council (TEC)
Meeting, November 9, Washington, DC - Joint Statement
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 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
- 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
- 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
- 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.
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
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