For Immediate Release
Office of the Press Secretary
June 25, 2003
Trade Fact Sheet
U.S.-EU Summit
Transatlantic Cooperation on Trade
With the largest and most complex trade and investment relationship in
the world, the United States and the European Union share a fundamental
interest in the health of the global economy. In view of this, since
the May 2, 2002 U.S.-EU Summit the two sides have worked to advance our
cooperation in trade-related areas of mutual interest, including:
Cooperation on Doha Development Agenda (DDA)
The U.S. and the EU worked together to launch multilateral trade
negotiations in the World Trade Organization (WTO) in November 2001 at
the WTO Ministerial in Doha, Qatar. We are committed to achieving an
ambitious package of trade liberalization by January 2005.
We also seek fuller integration of developing countries into the
world trading system, as a major component of their efforts to
alleviate poverty and spur growth. Improved market access in
agriculture, goods and services is key to this development and an
integral part of the DDA.
Positive Action on Bilateral Issues
Mutual Recognition Agreement on Marine Equipment: The two sides
have completed negotiation of a path-breaking agreement to promote
transatlantic regulatory cooperation and facilitate trade. The
agreement will permit designated marine equipment (e.g., flares, GPS
equipment, certain life rafts, two-way trade of which is estimated at
$150-200 million) that meets U.S. requirements to be marketed in the EU
without additional testing.
New Areas of Regulatory Cooperation: The United States and the
EU have launched new regulatory cooperation projects based on the
Guidelines on regulatory cooperation and transparency finalized in
2002. Areas covered include cosmetics, nutritional labeling, food
additives and metrology. On June 16, U.S. and EU regulators exchanged
letters to initiate a new dialogue on improved auto safety
regulations.
Resumption of U.S. Poultry Exports: The U.S. and the EU have
reached agreement on procedural steps needed to resume U.S.
exports to the EU of poultry meat (worth $21 million at the time it was
cut off in 1997). The two sides are committed to resolving remaining
questions, aiming to restart U.S. poultry export to the EU as soon as
possible.
Resumption of Spanish Clementines Exports: New U.S. phytosanitary
regulations for imports of Spanish Clementines became effective October
15, 2002, and Spanish clementine imports into the U.S. have resumed.
# # #
|