The European Institute's Roundtable on Trade and Investment examines the development of the transatlantic market by providing its members with information from leading public and private sector decision makers in the U.S. and Europe. The Roundtable assesses the progress of the Transatlantic Economic Council, as well as the ongoing Doha Round and other multilateral and bilateral trade agreements. This program will also focus on the reemergence of protectionist policies spurred by the global economic crisis, evolving antitrust cases and laws, non-tariff trade barriers such as investment controls and tax policies, and intellectual property rights. The Roundtable on Trade will also examine the implications of U.S. and EU trade relations with third countries and any advancements in agricultural policy between the U.S. and EU.

Recent Meetings:

Jürgen Thumann, European Co-Chair of the Transatlantic Business Dialogue reviewed the achievements of the TEC, and offered an outlook on the future of transatlantic economic cooperation, in light of the current upheaval in the global financial sector and the emerging priorities of the incoming U.S. Administration. As one of three members of the TEC’s Group of Advisers, the Transatlantic Business Dialogue plays a central role in communicating the private sector’s priorities for achieving transatlantic economic integration. On the occasion of this summer’s US-EU Summit, the TABD stressed four areas of particular importance: investment protectionism; fostering innovation with strong protection of intellectual property; facilitating the freest possible movement of people and goods within transatlantic borders, and enhancing cooperation on energy supply and climate change.

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.

Dimitris Dimitriadis, President of the European Economic and Social Committee (EESC) discussed the impact of globalization on Europe’s employment, investment and innovation and how the European Union is meeting these challenges. The EESC is a consultative body that gives representatives from Europe’s economic, social and academic sectors a formal platform to express their views on EU issues. Its opinions are forwarded to institutions including the European Council, European Commission, and European Parliament. Dr. Philip Levy, Resident Scholar at the American Enterprise Institute and trade advisor to the McCain Campaign, presented the U.S. perspective on the effects of trade and globalization on employment and innovation.

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.

The Honorable Sauli Niinistö, Speaker of the Parliament of Finland addressed the challenges to maintaining competitiveness in the current global economic environment. Finland was ranked sixth overall in the World Economic Forum’s 2007-2008 Global Competiveness Index. The categories in which Finland consistently out-performed others were that of:  institutions, higher education and training, and innovation. The U.S. perspective was presented by Leon Sequeira, Assistant Secretary for Policy, U.S. Department of Labor, who is a principal advisor to the Secretary of Labor on regulatory, legislative and policy issues affecting the Department and the American workforce.

Antonio De Lecea, Director for International Economic and Financial Affairs at the European Commission, offered his assessment of the European Commission’s proposed common approach to sovereign wealth funds, and Nova Daly, Deputy Assistant Secretary for Investment Security at the U.S. Department of the Treasury, examined the role of CFIUS in regulating the flow of sovereign wealth funds into the United States. The Hon. Patrick Mulloy, Member, U.S.-China Economic and Security Review Commission expressed his concern about sovereign wealth funds and their influence on the U.S. government and economy. Klaus Stein, IMF Executive Director for Germany; Jarle Bergo, Alternate IMF Director for the Nordic/Baltic States; and François Teissonnière, Managing Director, Telecoms, Rothschild Inc. presented perspectives from Germany, Norway, and the private sector on the issue. Thomas J. Karol, President and COO of the newly formed Sovereign Investment Council emphasized the positive aspects of these funds and advised against excessive regulation that would lead to perceptions of protectionism. The discussion was moderated by James Mendenhall, Partner, at Sidley Austin LLP.