Enhancing trade relations with the United States
The European Commission has approved a draft action plan to enhance trade relations with the US, following the agreement at the last EU-US summit, in May 1998, which launched the Transatlantic Economic Partnership (TEP). The draft plan proposes intensified cooperation on multilateral trade issues, as well as bilateral action to address the real barriers to transatlantic trade which remain. It calls for the negotiation of agreements to this end in the fields of goods, services, government procurement and intellectual property. It is felt that if barriers to trade are properly dealt with, there is the promise of substantial new economic opportunities for European firms and consumers. The second part of the proposal is for the EU and the US to stimulate further multilateral liberalisation by joining forces on international trade issues, particularly to prepare new multilateral negotiations in the World Trade Organisation (WTO). An innovative aspect of the proposal is the Commission's determination to integrate labour, business, environmental and consumer issues into the process. The TEP proposes several innovative bilateral projects for closer cooperation between regulators, including more effective mutual recognition. It also includes a liberalisation agenda in areas such as government procurement and intellectual property, as well as measures in fields of consumer and plant health, biotechnology and the environment. In addition, an early warning system to minimise disputes in areas such as food safety and genetically modified crops is provided for. The proposal will now be submitted to the Council and will be discussed with the US. It is hoped that a joint plan will be endorsed at the next EU-US Summit, in December in Washington.
Countries
São Tomé and Príncipe, United States