Under the leadership of European Union Trade Commissioner Karel De Gucht and U.S. Deputy National Security Advisor for International Economic Affairs Michael Froman, the Transatlantic Economic Council (TEC) met last week, during the U.S.-EU Summit, to discuss more cohesive and mutually beneficial regulatory cooperation between the U.S and EU, with a focus on opportunities in innovative sectors to ensure continued economic success and job creation.
The TEC discussions highlighted the need for bilateral efforts to avoid the creation of unnecessary regulatory and standards barriers to trade, especially in emerging sectors such as nanotechnology and electric vehicles, in strengthening joint approaches to third countries, and in developing commitments to shared principles for international investment by early 2012.
Among the positive outcomes of the TEC, USCIB applauds the much awaited agreement reached by the EU Directorate for Trade and the U.S. Department of Homeland Security on mutual recognition of our trusted trader programs, AEO and C-TPAT. The agreement will enter into force in June 2012.
USCIB urges the European Union and the U.S. to continue the positive momentum of the TEC into 2012 and looks forward to working with officials by providing input and recommendations from our membership on current and future areas of regulatory cooperation.
Staff contact: Justine Badimon