Annual EU Trade Barriers Report on U.S. Published.WASHINGTON -- The European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community published today its annual report on barriers to trade and investment in the U.S. The report details obstacles that EU exporters and investors face when seeking to enter the U.S. market, including issues subject to ongoing WTO See World Trade Organization. disputes. Trade disputes only represent a minor proportion of the value of overall EU-U.S. trade, but raising and addressing these issues helps boost confidence in the transatlantic market and reap its full potential benefits. * The report highlights increasing concern about the potential impact to EU supply chains of new U.S. national security legislation governing ports and freight, and problems arising from regulatory divergences. * The report describes the difficulties in accessing the public procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. market in the U.S. due to complex restrictions. * On a positive note, the report acknowledges the successful resolution in 2007 of a long-running trade dispute following the U.S.'s decision to repeal countervailing duties Countervailing duties are a means to restrict international trade in cases where imports are subsidized by a foreign country and hurt domestic producers. According to WTO rules, a country can launch its own investigation and decide to charge extra duties, provided such additional previously imposed on privatized EU exporters. The European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. share the largest bilateral trading partnership worldwide, with 33 percent of world trade in goods, and 42 percent of world trade in services Trade in Services refers to the sale and delivery of an intangible product, called a service, between a producer and consumer. Trade in services takes place between a producer and consumer that are, in legal terms, based in different countries, or economies, this is called . As key global trading partners, the EU is committed to working with the United States to break down barriers on both sides of the Atlantic, and this dialogue has been further progressed in 2007 through the establishment of the Transatlantic Economic Council The Transatlantic Economic Council is a body set up between the United States and European Union to direct economic co-operation between the two economies. It was established by an agreement signed on 2007-04-30 at the White House by US President George W. (TEC). Background At the EU-U.S. Summit on April 30, 2007, Commission President Barroso, German Chancellor Merkel and U.S. President Bush signed the "Framework for Advancing Transatlantic Economic Integration between the USA and the EU" adopting a work program of cooperation and establishing the Transatlantic Economic Council (TEC) to oversee, guide and accelerate its implementation. The Transatlantic Economic Council (TEC) aims to integrate EU/U.S. economies even more fully by identifying key areas where greater convergence between economies and systems could reap rewards on both sides of the Atlantic. Bringing together government, industry, labor and consumers, the TEC holds the promise of an ever deeper and more mutually productive transatlantic relationship. At the first TEC meeting in November 2007, important progress was achieved in areas such as the launching of the investment dialogue, the negotiations on mutual recognition of accounting standards, and of U.S. and EU trade partnership programs, secure cargo, and a number of more technical regulatory issues. For more information, please visit: http://ec.europa.eu/trade/issues/sectoral/mk_access/pr180408_en.htm |
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