EU clinches trade deal with US

Tuesday
23:33:49
May
08 2007

EU clinches trade deal with US

Transatlantic relations just got better " EU-US leaders sign new deal to spur trade and investment at annual summit in Washington (30 April)

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Safer cars thanks to transatlantic convergence on rules for crash tests is just one example of how this new deal will remove trade barriers to the benefit of the consumer. Other areas targeted included pharmaceuticals, intellectual property rights, financial markets, investment and innovation.

By seeking convergence in these areas, leaders hope to boost competitiveness on both sides of the Atlantic. The lowering of regulatory barriers for the worlds largest trading partners – "1.7bn a day in goods and services – will be overseen by a special economic council co-chaired by White House economic advisor Allan Hubbard and commissioner Günter Verheugen.

Responding to doubts over whether the new deal would prove detrimental to global trade talks, commission president Barroso emphasised: "Doha remains a priority for all of us.”

On the subject of climate change, US President Bush stated: "We recognise that we have a problem with greenhouse gases; we recognise we have a problem with a dependence on oil; we recognise that we can use technologies to help solve this problem.” Chancellor Merkel hailed their discussions as a "significant step forward” compared with a year ago. It is now hoped that cooperation will intensify at the G8 summit in June to improve energy security and reduce greenhouse gas emissions, while supporting economic growth.

Also at the summit, leaders signed a landmark air transport agreement giving European airlines better access to the US market. US airlines in turn are able to fly directly to and from European airports. A second?stage agreement seeking further liberalisation is to be concluded in 2008.

Annual EU-US summits have been taking place since 1990, alternating between Washington and Europe

Ladysilvia National Network

Source by europeanunion


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