U.S.-EU Economic Relations

U.S. and EU representatives reaffirmed their commitment to open investment policies at the second meeting of the Transatlantic Economic Council (TEC), which took place in Brussels, Belgium, on May 13. They also moved forward on removing restrictions on U.S. poultry exports to the EU and addressing EU concerns about U.S. approval procedures for certain electrical products. The American delegation was led by Daniel Price, Assistant to the President for International Economic Affairs and U.S. chair of the TEC. European Industry Commissioner Günter Verheugen headed the EU side.

U.S. Customs and Border Protection and the European Commission’s Taxation and Customs Union Directorate adopted on March 27 a roadmap aimed at achieving mutual recognition of U.S. and EU supply chain security programs in 2009. Both the U.S. and the European Union have introduced Customs Security Programs to support the development and implementation of measures enhancing security of the supply chain through improved customs controls. Mutual recognition arrangements would allow the companies of one supply chain security program to receive benefits similar to those conferred to companies participating in another country’s program. The roadmap outlines six areas that the U.S. and the EU will address to achieve the goal of implementing Mutual Recognition: political, administrative, legal, policy, technical/operational, and evaluation. it also sets forth key benchmarks for measuring progress in each area.

Dan Price, co-chairman of the Transatlantic Economic Council (left) and James Connaughton, chairman of the White House Council on Environmental Quality. Photo: John Self, U.S. Embassy BerlinDaniel M. Price, Assistant to the President for International Economic Affairs; James L. Connaughton, Chairman, White House Council on Environmental Quality; and C. Boyden Gray, U.S. Special Envoy for European Union Affairs, discussed the work of the Transatlantic Economic Council, the "Major Economies" climate change process, and U.S. domestic programs that address climate change and energy security during a media roundtable in Berlin, Germany, on February 26.

2008: U.S., EU Discuss Investment, Poultry at Second Transatlantic Economic Council Meeting (May 13, 2008) | U.S.'s Price Discusses Transatlantic Economic Council's Successes, Future (Apr 30, 2008) | Treasury's Sobel Discusses Transatlantic Regulatory Issues Ahead of TEC Meeting (Apr 30, 2008) | U.S., EU Adopt Roadmap on Mutual Recognition of Supply Chain Security Standards (Mar 27, 2008)  (Info on U.S.'s C-TPAT Program) | U.S. Officials Discuss Transatlantic Economic Ties, Climate Change in Berlin (Feb 26, 2008) | TABD Launches 2nd Transatlantic Economic Council (TEC) Industry Consultation (Feb 1, 2008) | Treasury's Paulson Comments on Foreign Investment in the United State, CFIUS (Jan 23, 2008) | Further Amendment of Executive Order 11858 Concerning Foreign Investment in the United States (Jan 23, 2008)

Deputy Secretary of the U.S. Treasury Department Robert Kimmitt in Berlin, March 19, 2007

The U.S. and the EU held the first meeting of the Transatlantic Economic Council (TEC) in Washington, D.C., on November 9, 2007 (Readout of meeting and joint statement). The TEC, which was established by President George W. Bush, German Chancellor Angela Merkel, and the European Commission President José Manuel Barroso at the April 30, 2007, U.S.-EU summit, aims to oversee and guide joint efforts to lower barriers to trade and investment between the United States and the European Union. 

2007: Treasury Releases U.S. Income Mobility Study (Nov 13, 2007) | New Transatlantic Economic Council Works to Dismantle Regulatory Barriers (includes joint statement) (Nov 9, 2007) | U.S., EU Launch Transatlantic Economic Council (Nov 8, 2007) | Treasury's Kimmitt on the EU's Conclusions on Hedge Funds (May 8, 2007) | U.S., EU To Expand Trans-Atlantic Investment Market (Mar 27, 2007) | FTC's Majoras on National Champions: I Don't Even Think It Sounds Good (Mar 26, 2007) | Treasury's Kimmitt in Berlin Discusses Transatlantic Market Initiative, Economic Ties (Mar 19, 2007) | U.S. Comments on EU's "Metric-Only" Labeling Directive (Feb 28, 2007) | Treasury's Kimmitt Discusses the German-American Economic Relationship (Feb 12, 2007)

The United States and the European Union held their second informal economic ministerial meeting in Washington November 9, 2006, to address issues of trans-Atlantic economic integration and mutual economic challenges. The meeting followed up on the commitments made at the U.S.-EU summit in June 2005 and confirmed at the 2006 summit. The first informal economic ministerial was held in Brussels in November of last year. Commerce Secretary Carlos M. Gutierrez and Energy Secretary Samuel W. Bodman hosted European Commission Vice President Günter Verheugen and Finnish Minister for Trade and Industry Mauri Pekkarinen. The officials reviewed joint progress made in areas including innovation, intellectual property rights (IPR), regulatory cooperation and energy security. “The U.S. and EU economic relationship continues to be the largest and most successful bilateral trade and investment relationship in the world,” Gutierrez said in a Department of Commerce press release. “However, we also recognize the need to continue to focus on the burdensome regulations that slow down economic growth, promote enforcement of intellectual property rights, and identify ways to collaborate on innovation efforts.” According to the release, the delegations adopted a joint strategy to fight global illegal trade in counterfeit and pirated goods, and are working to enhance enforcement of IPR across country borders. They will also focus on helping China, India and the rest of the developing world fight counterfeiting and piracy.

2006: U.S., EU Hold Informal Economic Ministerial (Nov 11, 2006) (Press Release) | U.S., EU to Discuss Innovation, Investment at Second Informal Economic Ministerial (Nov 6, 2006) | Deputy Commerce Secretary Sampson Speaks in London on U.S.-UK-European Relations (Jul 20, 2006) | U.S.-EU Summit Declaration (Jun 21, 2006) | Treasury's Lowery Testifies on Foreign Investment in the U.S. (May 17, 2006) | Ambassador Gray Discusses Flexible Labor Markets, Worker Mobility in the U.S. (Apr 6, 2006)

The United States and the European Union held their first informal economic ministerial meeting in Brussels, Belgium, November 30, 2005, as a follow-up to commitments made at the U.S.-EU summit in June concerning closer trans-Atlantic cooperation on issues such as intellectual property rights (IPR), regulatory cooperation, trade and security and improving innovation. The U.S. delegation, led by Commerce Secretary Carlos Gutierrez, met with Vice President of the European Commission Günter Verheugen, EU Trade Commissioner Peter Mandelson and other top officials. The delegations agreed to concrete action plans and timelines to tackle the most significant issues in the trans-Atlantic economy, according to a press release from the Council of the European Union

2005: U.S., EU Hold Informal Economic Ministerial (Nov 30, 2005) | Treasury's Snow Urges Europe To "Find Its Way Forward" Quickly (Jun 14, 2005) | State's Wayne Urges Reducing U.S.-EU Trade Barriers (Apr 18, 2005) | United States Sees "Strong, Vibrant Europe" as Essential Partner (Feb 16, 2005)

2004: Treasury Secretary Snow Promotes Pro-Growth Policies in Europe (Nov 17, 2004) | U.S., U.K. Set Up Transatlantic Enterprise Partnership (Nov 16, 2004) | Strategy for Strengthening EU-U.S. Economic Partnership Outlined (Jun 26, 2004)