For Immediate Release
Office of the Press Secretary
June 26, 2004
Fact Sheet: U.S.-EU Summit: Strengthening the Transatlantic Economic Partnership
For over 50 years, the United States and the European Union have
committed themselves to an alliance rooted in common values, and
dedicated to advancing freedom, security, and prosperity. Though we
have achieved important progress in our economic relationship,
President Bush and his EU counterparts have agreed to look at new ways
to further strengthen our relationship.
The United States and the European Union are each other's largest
sources of foreign direct investment, with the 2002 stock of U.S.
direct investment in the European Union reaching $700 billion and EU
investment in the United States reaching $850 billion. In 2003,
two-way transatlantic trade exceeded $390 billion. The total output of
U.S. foreign affiliates ($333 billion in 2000) in Europe and of EU
affiliates in the United States ($301 billion) is greater than the
total GDP of most nations. Investment is good for workers: foreign
subsidiaries in the United States and the European Union pay higher
wages on average than do domestic companies.
Pursuant to the "U.S.-EU Declaration on Strengthening our Economic
Partnership" agreed to by President Bush and his EU counterparts, the
United States welcomes and encourages the current lively and creative
public debate on both sides of the Atlantic on how to enhance our
already strong economic relationship. We will benefit from the advice
of business, consumer, and other groups who share President Bush's goal
of broad-based growth and economic opportunity. We welcome the
recommendations from the Transatlantic Business and Legislator
Dialogues concerning the creation of a barrier-free transatlantic
market. We also commend the Transatlantic Consumer Dialogue for its
efforts to forge closer transatlantic ties.
Today President Bush and his EU counterparts agreed to call upon
all interested U.S. and EU stakeholders to engage in vigorous
discussions over the coming months on how to eliminate trade,
regulatory, and investment impediments to further economic
integration.
To this end, the United States intends to convene a number of
public dialogue sessions and participate in conferences and meetings
with the business, consumer, labor, environmental, and academic
communities, and other elements of civil society in order to outline
proposals for possible adoption by governments. We hope to conduct our
first dialogue this summer.
On the basis of stakeholder discussions and proposals, and as
called for in the U.S.-EU joint Declaration, the United States will in
early 2005 develop its contribution to a forward-looking U.S.-EU
strategy to enhance economic growth and eliminate transatlantic
barriers. The U.S.-EU Senior Level Group, comprising government
officials, will present these ideas to Leaders before the 2005 U.S.-EU
Summit.
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