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Fact Sheet on Trade

June 25, 2003

U.S.-EU Summit

Transatlantic Cooperation on Trade

With the largest and most complex trade and investment relationship in the world, the United States and the European Union share a fundamental interest in the health of the global economy. In view of this, since the May 2, 2002 U.S.-EU Summit the two sides have worked to advance our cooperation in trade-related areas of mutual interest, including:

Cooperation on Doha Development Agenda (DDA)

The U.S. and the EU worked together to launch multilateral trade negotiations in the World Trade Organization (WTO) in November 2001 at the WTO Ministerial in Doha, Qatar. We are committed to achieving an ambitious package of trade liberalization by January 2005.

We also seek fuller integration of developing countries into the world trading system, as a major component of their efforts to alleviate poverty and spur growth. Improved market access in agriculture, goods and services is key to this development and an integral part of the DDA.

Positive Action on Bilateral Issues

Mutual Recognition Agreement on Marine Equipment: The two sides have completed negotiation of a path-breaking agreement to promote transatlantic regulatory cooperation and facilitate trade. The agreement will permit designated marine equipment (e.g., flares, GPS equipment, certain life rafts, two-way trade of which is estimated at $150-200 million) that meets U.S. requirements to be marketed in the EU without additional testing.

New Areas of Regulatory Cooperation: The United States and the EU have launched new regulatory cooperation projects based on the Guidelines on regulatory cooperation and transparency finalized in 2002. Areas covered include cosmetics, nutritional labeling, food additives and metrology. On June 16, U.S. and EU regulators exchanged letters to initiate a new dialogue on improved auto safety regulations.

Resumption of U.S. Poultry Exports: The U.S. and the EU have reached agreement on procedural steps needed to resume U.S. exports to the EU of poultry meat (worth $21 million at the time it was cut off in 1997). The two sides are committed to resolving remaining questions, aiming to restart U.S. poultry export to the EU as soon as possible.

Resumption of Spanish Clementines Exports: New U.S. phytosanitary regulations for imports of Spanish Clementines became effective October 15, 2002, and Spanish clementine imports into the U.S. have resumed.

George W. Bush, Fact Sheet on Trade Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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