U.S. Chamber Applauds Agreement on Transatlantic Economic Integration

WASHINGTON, DC-The United States Chamber of Commerce applauded today's agreement by U.S. and European Union leaders on a Framework for Advancing Transatlantic Economic Integration. The agreement came during the annual U.S.-EU Summit held at the White House this morning. Following the summit, German Chancellor and President of the EU Council Angela Merkel came to the Chamber to speak about this new agreement.

"When America and Europe work together, we all win," said Tom Donohue, Chamber president and CEO. "Through this framework, we can unleash the energies of the world's two largest economies to create jobs, share prosperity, and strengthen the world's most important partnership. Businesses should not have to pay the steep cost of the incompatible and unpredictable regulations they often face on opposite sides of the Atlantic."

The framework directs regulators in Washington and Brussels to address regulatory barriers to transatlantic business and assess their costs and benefits more fully. It will also establish an "early warning system" to prevent new regulations from creating barriers to trade and investment.

The Chamber has long advocated for a transatlantic agreement on regulatory cooperation. The Chamber recently released a feasibility study on ways such an agreement can prevent divergence in regulations between the U.S. and European Union. The Chamber will work closely with BUSINESSEUROPE, the largest EU business organization, in advancing these goals.

The Chamber also praised the U.S.-EU Summit's agreement to marshal the collective resources of G8 countries to strengthen efforts to combat piracy and counterfeiting. Among the measures agreed upon were closer cooperation among law enforcement agencies, more efficient exchange of intelligence, and increased public-private partnerships.

"The Chamber is committed to this agreement, and we will do our part to ensure its provisions can be quickly implemented," said Donohue.

The U.S. Chamber is the world's largest business federation, representing more than 3 million businesses and organizations of every size, sector and region.

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