On February 23, 2012, Michel Barnier, Member of the European Commission, Internal Market and Services, addressed the U.S. Chamber to discuss the EU vision of the growth potential of the European single market. He focused on the implementation by EU of G-20 commitments to address systemic risk challenges in the financial services sector and the European capital markets.
Policy Initiatives & Working Groups
The U.S.-European economic and commercial relationship is the world’s largest with $4 trillion in trade, investment, and commercial sales by foreign affiliates in each other’s markets. But as the leading stakeholders of the global economy, the U.S. and the EU should not stand still. The Chamber supports the ongoing efforts to remove non-tariff barriers to trade within the Transatlantic Economic Council - and believes the transatlantic partners can go further. The Chamber is convinced that through elimination of tariffs, services trade liberalization, an investment agreement, establishing compatible regulatory regimes, and expansion of bilateral government procurement commitments, the U.S. and the EU will be capable together of producing the growth and jobs which both economies need to emerge in a sustainable way from the economic crisis. The Chamber believes that these jobs and growth will be created in the U.S. and the EU with the help of the Chamber proposed "Transatlantic Economic and Trade Pact" (ETP).
On April 10, 2013, the U.S. Chamber of Commerce joined with its partners in the Business Coalition for Transatlantic Trade (BCTT) and leaders in government from both the U.S. and EU for an event to formally launch the coalition and highlight the strong support that exists for an ambitious transatlantic trade agreement. The coalition seeks an ambitious and comprehensive agreement to support jobs and promote growth and competitiveness on both sides of the Atlantic. The Chamber serves as BCTT secretariat.
The U.S. Chamber warmly welcomes this ambition from the U.S. and the EU to pursue the full promise of the transatlantic economic relationship. The summit's fact sheet has proposed consideration of ways to create jobs and growth in the U.S. and the EU that closely reflect the Chamber’s proposed "Transatlantic Economic and Trade Pact" (ETP).