Chamber Report Shows Benefits to Transatlantic Regulatory Cooperation

WASHINGTON, D.C.-The U.S. Chamber of Commerce today released a report Unleashing Our Economic Potential in association with BUSINESSEUROPE that reveals the U.S. and the European Union could quickly add more than $10 billion to the transatlantic economic relationship, if the Transatlantic Economic Council (TEC) resolves regulatory barriers.

"We estimate that regulatory cooperation between the U.S. and EU could immediately create more than 30,000 new jobs," says Stan Anderson, Chair of the U.S. Chamber of Commerce's Global Regulatory Cooperation initiative. "Our study also shows that TEC's agenda for cooperation would generate billions of dollars for both economies."

The U.S. Chamber and BUSINESSEUROPE have readily embraced the TEC as a unique opportunity to make tangible progress in removing long-standing trade and investment non-tariff barriers in very specific areas of regulations such as cosmetics and electrical equipment, as well as in broad cross-sectoral areas like accounting standards or secure shipper programs. The TEC is slated to next meet on May 13th in Brussels to announce progress made on its agenda.

By cooperating together, U.S. and EU rule-makers will not only make better regulations for their respective markets, but they will also make sure their regulations do not diverge and work against each other, according to the Chamber report.

"What more effective way to tackle international challenges, like toy or food safety, than working together with our European friends to set in place compatible rules to protect consumers in our countries while also fostering international commerce?" asked Stan Anderson.

The Global Regulatory Cooperation Project seeks to address regulatory divergences that create market distortions limiting a company's ability to compete in multiple markets around the world.

The U.S. Chamber of Commerce 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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