MEMO/07/455

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 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

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