For Immediate Release
June 20, 2005
The United States and the European Union Initiative to Enhance Transatlantic Economic Integration and Growth
ANNEX
To implement the Declaration on Enhancing Transatlantic Economic
Integration and Growth we will undertake the following:
Promoting Regulatory and Standards Cooperation
We recognize the importance of U.S.-EU regulatory cooperation for
the well-being of our citizens and commercial relations, and note the
rich network of cooperative exchanges already underway. Our aim is to
build effective mechanisms to promote better quality regulation, and
minimize unnecessary regulatory divergences to facilitate transatlantic
trade and investment and increase consumer confidence in the
transatlantic market.
To achieve this we will encourage enhanced regulatory cooperation
under the 2005 Roadmap for U.S.-EU Regulatory Cooperation, including:
establishment of a senior-level dialogue on best regulatory policies
and practices; identification of resources and mechanisms to support
exchanges for U.S. and EU regulatory experts; and expansion of
successful sectoral initiatives. We will further encourage dialogue on
standards issues.
Further, we will establish a U.S.-EU high-level Regulatory
Cooperation Forum, through which senior U.S., European Commission and,
where appropriate, other European Community regulators would be
encouraged to exchange views, share experiences, and learn from each
other regarding general or crosscutting regulatory cooperation
approaches and practices of mutual interest. This forum is intended to
complement the informal OMB-EC dialogue and separate sectoral
regulatory cooperation activities between the U.S. and the European
Commission. We will continue to use the U.S.-EU Financial Markets
Regulatory Dialogue, referred to below, as the venue for financial
regulatory discussions.
This informal mechanism should promote enhanced cooperation in line
with the 2002 Guidelines for Regulatory Cooperation and Transparency
and should also be the focal point for exchanges and discussion of
annual regulatory work programs. Such a review could help identify
additional prospective areas/priorities for U.S.-EU regulatory
cooperation, and facilitate early warning about possible divergent
regulatory approaches.
Regulators should autonomously assess progress for ongoing
cooperation activities and set objectives with specific actions to be
achieved within the next year. The compilation of these plans, jointly
agreed upon by U.S. and European regulators, would constitute
priorities for U.S.-EU regulatory cooperation to be submitted annually
at the U.S.-EU Summit.
The forum should organize meetings and conferences on regulatory
issues of mutual interest. To gain broader perspective, other
regulators as well as representatives from academia, think-tanks,
businesses, NGOs and other organizations will be invited to
participate, as appropriate.
We look forward to annual updates on work in each of our many
regulatory dialogues. We will consider the most appropriate
instruments or approaches to advance our cooperation on a case-by-case
basis, taking into account developments in regulatory cooperation.
Stimulating Open and Competitive Capital Markets
Dynamic capital markets are a catalyst for growth and innovation.
Our aim is to increase the integration and efficiency of our respective
capital markets and work together to make transatlantic financial
markets operate seamlessly. To achieve this, we will continue to use
the U.S.-EU Financial Markets Regulatory Dialogue (FMRD) to (1)
anticipate, identify and discuss financial regulatory issues, by
continuing to review legislative and regulatory developments (including
implementation and enforcement) and (2) promote progress on issues of
concern to each other.
Among other areas, we will focus the discussion on: implementation
and enforcement of financial market reforms; promoting convergence of
accounting standards as soon as possible; removing barriers to further
integration of clearing and settlement systems; encouraging competition
among trade execution venues; promoting deeper and wider capital
markets; making progress on deregistration reform and on insurance
issues; making progress on adoption and implementation of Basel II; and
taking steps to help build the transatlantic venture capital market.
The U.S. and the EU share common concerns in the fight against
corporate and financial fraud, money laundering, financing of
terrorism, tax evasion, corruption and other malpractices. The U.S.
will work together with the Commission and Member States, as
appropriate, to encourage adoption of the highest standards of
transparency, exchange of information and cooperation among competent
authorities.
The U.S. and the EU would also explore ways to improve our dialogue
on macroeconomic and structural issues of common interest in ways that
complement discussions in other fora such as the G-7.
Spurring Innovation and the Development of Technology
The U.S. and EU will increasingly rely on innovation and advanced
technologies to stimulate economic growth and prosperity. Our aim is
to increase synergies across the Atlantic as we become more
knowledge-based economies.
To achieve this, we will work to:
- encourage collaboration on long-term basic research within
the context of the U.S.-EU Science and Technology agreement, and
develop exchanges of good practices concerning the policies needed to
support science and innovation;
- promote cooperation using
civilian space-based technologies for sustainable development,
science/exploration, and deepening the knowledge society;
- support an international dialogue and cooperative activities for the
responsible development and use of the emerging field of
nanotechnology;
- renew and reinforce the U.S.-EU agreement on
Higher Education and Vocational Training, which includes the
Fulbright/European Union program, to boost education cooperation and
transatlantic exchanges between our citizens;
- encourage the
commercial application of output from research, identifying cooperative
actions to improve rapid commercialization, using, inter alia,
incubator environments, venture capital and technology transfer;
- promote E-accessibility for the disabled, elderly and other
citizens with accessibility issues;
- encourage deployment of key
innovative technologies such as broadband and radio frequency
identification devices, without prejudice to consumer and data
protection;
- encourage collaboration on development and take up
of Intelligent Transport Systems/ Telematics for intelligent vehicles;
- establish a dialogue on cyber-security to bring together
regulators, law enforcement and, as appropriate, intelligence agencies;
- support OECD efforts to develop an approach to
international redress for international internet purchases;
- cooperate to tackle spam through joint enforcement initiatives, and
explore ways to fight against illegal "spyware" and "malware;" and
- explore cooperative work on health and medical
technologies.
Enhancing Trade, Travel and Security
Ensuring the security of people and goods in transit is fundamental
to deepening the U.S.-EU relationship. Our aim is to create a more
secure and efficient transatlantic and global supply chain by
developing and adopting effective, compatible security standards and
customs benefits. We welcome progress made to secure the end-to-end
supply chain under the 2004 U.S.-EU Agreement on Enhanced Customs
Cooperation. Our joint efforts contributed significantly to
development of the World Customs Organization framework of standards
for security and facilitation. We strongly support adoption of this
framework by the WCO Council in June 2005, and are committed to its
implementation. We will build on this progress to continue working
toward avoiding adverse consequences for transatlantic shippers,
including by working to ensure the compatibility of the EU's Authorized
Economic Operator concept and the U.S. C-TPAT Program. We also will
seek compatible practices and standards to enhance air transport
security and facilitate air cargo traffic. We agree to pursue measures
to facilitate business and tourist travel, including consideration of a
"trusted persons" initiative, and explore means to increase cooperation
in research and development of security-related technologies. The U.S.
and the EU continue to support on-going discussions on reciprocal visa
exempt travel for short-term stays for our citizens.
Promoting Energy Efficiency
The U.S. and EU will work together, to advance energy security,
renewables, energy efficiency and economic development, as highlighted
in the attachment to this Annex. We recognize the benefits that can
result from sustained and coordinated policies on energy efficiency.
We wish to support developing countries in their efforts to meet their
basic energy needs by promoting sound energy policies and applying new,
clean energy technologies. We will continue to work together to
promote clean and efficient carbon sequestration technologies, all
forms of renewable energy, and the next generation of hydrogen and
other clean and safe energy technologies.
Protection of Intellectual Property Rights
Growing global piracy and counterfeiting threatens the
competitiveness of innovative industries, the livelihoods of creative
artists and workers, and the health and safety of consumers in the
European Union, the United States and beyond. We are committed to
effectively combating piracy and counterfeiting at home and abroad.
The U.S. and EU will coordinate our respective efforts, as highlighted
in the Declaration we have issued today. To enhance the effectiveness
and efficiency of the patent system more generally, the EU and the U.S.
will work together to ensure progress in international fora.
Investment
Investment flows are a vital part of our transatlantic economic
relationship, with bilateral direct foreign investment standing at
nearly $2 trillion and growing by the day. To further promote economic
growth, jobs, competitiveness and consumer benefits, we undertake to
facilitate transatlantic investment opportunities to the fullest,
including by providing efficient, comprehensive and easily accessible
information on investment regimes and policies to attract investment,
with a special focus on informing small and medium enterprises. We
agree to discuss any significant remaining obstacles to transatlantic
investment that the other party identifies, and will consider how to
address and reduce such obstacles with a view to promoting closer
transatlantic economic integration.
Competition Policy and Enforcement
As our economies have become ever more intertwined, the enforcement
of competition laws by authorities on one side of the Atlantic
increasingly has consequences for the other jurisdiction. The European
Commission and U.S. competition authorities cooperate intensively under
the 1991 and 1998 agreements, coordinating enforcement activities and
exchanging non-confidential information. To further enhance this
cooperation, our authorities will explore ways to allow them to
exchange certain confidential information, including with respect to
international cartels.
Procurement
The United States and the European Union recognize the benefits of
open and competitive procurement markets. The EU and U.S. should
reinforce their co-ordination and co-operation with a view to fostering
progress in plurilateral negotiations on government procurement, both
via the GPA and via expansion of GPA membership. In addition, taking
into account progress in other fora, notably the GPA, both sides will
consider how to go beyond existing and future GPA commitments at the
U.S.-EU bilateral level. This could include enhancing the use of
electronic procurement on both sides.
Services
We should continue cooperation on aviation issues, including
safety, security and liberalization, including achievement of a
comprehensive first-step U.S.-EU air services agreement as soon as
possible. Such an agreement would unlock substantial benefits by
providing valuable new business opportunities, to the benefit of U.S.
and EU airlines, airports, tourism, business links, cargo transport and
consumers.
Mutual recognition of professional qualifications can facilitate
the movement of professionals, encourage greater opportunities, and
foster competition in the services sector. We encourage competent
authorities on both sides to look into the mutual recognition of
professional qualifications, notably in sectors where economic interest
or need has been substantiated by suppliers and/or users of
professional services, such as is the case in the field of
architectural services.
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