In introductory remarks at a May 2008 discussion on Trade and Investment sponsored by The European Institute, German Ambassador to the United States Klaus Scharioth outlined the background to the Transatlantic Economic Council (TEC). The TEC was established on April 30, 2007 at the EU/U.S. Summit by German Chancellor Angela Merkel, U.S. President George Bush and EU Commission President Jose Barroso as part of the EU/U.S. framework agreement for advancing transatlantic economic integration. “Both sides of the Atlantic point out that although the economic topic du jour may be the emerging Asian markets, the most important economic relationship in the world – with two billion dollars of daily trade and two trillion dollars of investment stock – remains that between North America and Europe,” he said.
Daniel Price, Assistant to the President for International Economic Affairs, Deputy National Security Advisor for International Economic Affairs and Co-Chairman of the Transatlantic Economic Council (TEC), offered his assessment of the progress made to date and the key challenges facing the TEC moving forward. This briefing followed the TEC’s second plenary meeting held in Brussels on May 13th where a variety of issues were discussed, including information and communication technology products; import safety; poultry/pathogen reduction treatments; accounting standards; U.S. and EU regulatory capital requirements; REACH (the new European Community Regulation on chemicals and their safe use); and securities trading.
This meeting was supported by the Transatlantic Program of the Government of the Federal Republic of Germany through funds of the European Recovery Program (ERP) of the Federal Ministry of Economics and Technology.
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