Chamber Urges U.S. and European Union to Lower Obstacles to Transatlantic Trade and Investment

WASHINGTON, D.C. – The United States Chamber of Commerce urged both American and European leaders to use this week's U.S.-EU Summit as an opportunity to begin stepping up their efforts to facilitate trade and investment for the benefit of businesses on both sides of the Atlantic Ocean.

"A solid economic relationship between the U.S. and the EU is about more than just the countries involved," said Gary Litman, Chamber vice president for Europe/Eurasia. "The rest of the world relies on a strong transatlantic partnership to boost the global economy, so it is imperative that participants in this week's summit explore ways to advance that partnership."

The Chamber, in conjunction with EUROCHAMBRES, also released a survey of U.S. and European business that focuses on the hurdles they face in transatlantic trade and investment. EUROCHAMBRES (the Association of European Chambers of Commerce and Industry) represents more than 18 million member enterprises in Europe.

Ninety percent of the U.S. survey respondents were small business owners, operating with 100 employees or less, and almost all expect their business with Europe to grow over the next five years. Those business owners listed local European rules and procedures and overall EU regulatory burdens as the top barriers to increasing their business in Europe. Their European counterparts reported concerns over U.S. entry requirements for business travelers and visas and the threat of frivolous lawsuits against companies.

The Chamber and its partners in Europe have called for a barrier-free, transatlantic market. Regulatory cooperation and compatibility, legal system reform, convergence of U.S. and European accounting standards and a joint strategy protecting intellectual property rights are just a few areas where work must be done now to make that market a reality, according to the Chamber.

The U.S. Chamber of Commerce is the world's largest business federation, representing more than three million businesses of every size, sector and region.

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