For Immediate Release
Office of the Press Secretary
May 2, 2002
Fact Sheet: Economics and Trade
Positive Economic Agenda
The United States and the EU are seeking to enhance transatlantic
economic cooperation through practical, forward-leaning undertakings
intended to yield tangible benefits for both businesses and consumers
in a realistic timeframe. Initial areas of activity under this
"positive economic agenda" include: Financial Services, Regulatory
Cooperation, E-Procurement and Customs, and Agriculture.
Financial Services
Financial Market Dialogue - United States financial officials,
including representatives from the Treasury Department, Securities and
Exchange Commission, and the Federal Reserve, are engaged with their EU
counterparts to ensure that European capital market liberalization is
achieved in a non-discriminatory manner and are market transparent,
efficient, and protect against risk.
Regulatory Cooperation
Regulatory Cooperation in the Insurance Sector - The United
States and the EU are looking for new approaches to regulatory
cooperation in the insurance field.
Guidelines for Regulatory Cooperation - In April 2002, the
United States and the EU completed long-running negotiations on a set
of "Guidelines on Regulatory Cooperation and Transparency" intended to
reduce regulatory-based trade disputes. Two pilot projects are being
launched under this agreement:
a new framework on automotive safety regulation cooperation
and
cooperation on accreditation requirements for laboratories
which perform crash testing of road safety equipment.
Procurement and Customs
Electronic Procurement - The United States and the EU will
work to increase one another's access to on-line tendering for
government purchases.
Electronic Customs - The United States and the EU are working
to intensify on-line processing of customs documentation.
Agriculture
Organic Food - The United States and the EU seek to harmonize
labeling requirements and other issues involving each side's organic
food regulations.
Sanitary and Phytosanitary Issues - The United States and the
EU will work to expeditiously resolve issues surrounding the
importation of Spanish clementines into the United States and the
importation of United States poultry into the EU.