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EU & US agree pact on transatlantic market

23
Apr '07
The EU and the US have agreed details of an economic pact to be signed off at a bilateral summit later this month, with common standards for companies and new posts to deal with transatlantic issues both in Washington and Brussels.

The new partnership was agreed by chancellor Angela Merkel - on behalf of the current German EU presidency - European Commission president Jose Manuel Barroso and US president George W. Bush ahead of the EU-US summit on 30 April in Washington.


The agreed common market conditions would mean recognizing the same norms for various industries and services, such as admission procedures for pharmaceutical, cosmetics and chemical companies, as well as for the car and banking sector.

A German cabinet official declined to comment on the Spiegel article but told AFP agency "We are confident that Mrs Merkel, Mr Barroso and Mr Bush will adopt an ambitious accord to deepen economic transatlantic relations during the American-European summit."

A bolstered transatlantic partnership was one of the key priorities of Mrs Merkel when she took over the EU's six-month chairmanship this January.

She would like the pact to see the light of day by 2015 with a focus on harmonising intellectual property rights, environmental protection, technical standards and trade security.


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