For Immediate Release
Office of the Press Secretary
June 26, 2004
Fact Sheet: U.S.-EU Summit: Continuing Our Cooperation to Expand Transatlantic Trade
"Open trade is not just an economic opportunity, it is a moral
imperative. Trade creates jobs for the unemployed. When we negotiate
for open markets, we are providing new hope for the world's poor."
President George W. Bush
May 7, 2001
Today, President Bush and EU leaders:
Directed their trade ministers, in cooperation with other WTO
members, to finalize framework agreements in the WTO's Doha trade
negotiations by the end of July, in order to further enhance the
conditions for sustained global economic growth; and
Welcomed the continued progress in reducing impediments to
transatlantic commerce and expanded regulatory cooperation.
Doha Negotiations and the Global Economy: President Bush believes
that trade liberalization is critical to boosting global prosperity,
generating sustained economic growth, and raising living standards.
Emphasizing the need to seek an ambitious outcome in the WTO's Doha
negotiations, President Bush and his EU counterparts reaffirmed their
commitment to cooperate with other WTO members to finalize framework
agreements in the Doha trade negotiations by the end of July in order
to expeditiously complete these negotiations and further enhance the
conditions for sustained global economic growth. President Bush and
his EU counterparts also:
Emphasized the need to focus on the core areas of the Doha
negotiations; and
Underscored that we are on the verge of an historic opportunity to
fundamentally reform trade in agriculture and noted that progress in
the agriculture negotiations will be essential to move the other core
areas of the negotiations forward.
While the United States and the EU are working to advance WTO
negotiations, both the United States and the EU have had laws and other
measures challenged under WTO dispute settlement procedures. President
Bush intends to comply with final WTO rulings against U.S. measures,
such as in the FSC/ETI case where the Bush Administration continues to
work closely with the U.S. Congress. The United States is currently
awaiting EU action to comply with the WTO ruling in the beef hormone
case, as well as awaiting a WTO ruling against the EU moratorium on
biotech approvals.
The cooperation with the EU on WTO Doha negotiations is part of
President Bush's broader effort to open markets globally, regionally,
and bilaterally. In addition to the global efforts in the WTO Doha
negotiations and the Free Trade Area of the Americas encompassing the
Western Hemisphere, the Bush Administration has negotiated or is
negotiating comprehensive, high-quality free trade agreements (FTAs)
with partners in every region of the globe. The Bush Administration
has completed bilateral or sub-regional FTA negotiations with 11
countries, and is in the process of negotiating agreements with 11
others. These new and pending FTA partners would constitute America's
third largest export market and the sixth largest economy in the
world. In addition, the United States provides one of the most
generous trade preference programs in the world, including the African
Growth and Opportunity Act, which has spurred enhanced trade between
the United States and the countries of sub-Saharan Africa.
Positive Economic Agenda: President Bush and his EU counterparts
welcomed the ongoing cooperation as part of the "Positive Economic
Agenda." The United States and the European Union share the largest
bilateral trade and investment relationship in the world, accounting
for over $1.5 trillion. In order to ensure that this critically
important economic relationship continues to thrive, President Bush and
his EU counterparts established in 2002 the "Positive Economic Agenda"
to advance bilateral cooperation to reduce trade frictions and foster
expanded transatlantic commerce.
Regulatory Cooperation: Recognizing that regulatory differences,
not tariffs, comprise the most significant remaining transatlantic
trade barriers, President Bush and his EU counterparts welcomed the
U.S.-EU Regulatory Cooperation Roadmap. This Roadmap builds on the
2002 U.S.-EU Guidelines for Regulatory Cooperation in which the
European Commission undertook to make its regulatory process more
transparent. The Regulatory Cooperation Roadmap provides a framework
for U.S. and EU officials to cooperate on a broad range of important
areas such as pharmaceuticals, auto safety, information and
communications technology, cosmetics, consumer product safety,
chemicals, nutritional labeling, and eco-design of
electrical/electronic products. Through targeted U.S.-EU regulatory
consultations, we aim to promote better quality regulation, minimize
regulatory divergences, and facilitate transatlantic commerce.
Financial Markets Regulatory Dialogue: President Bush and his EU
counterparts welcomed a joint report from U.S. and EU officials
participating in the Financial Markets Regulatory Dialogue. The report
describes the ongoing collaboration of U.S. and EU policy and
regulatory officials on corporate governance and financial market
regulation. The Dialogue, launched in 2002, provides a forum for
discussing bilateral financial and regulatory issues, with a view to
fostering an efficient and transparent transatlantic capital market.
The Dialogue has, in particular, provided a useful vehicle for ensuring
that European legislation not impede U.S. participation in European
capital markets. More broadly, with recent efforts to improve
corporate governance and financial market regulation, the Dialogue has
served a valuable function in enabling U.S. and EU regulators to work
on potential regulatory issues in a cooperative and timely fashion.
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