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10th anniversary of the TEC and opportunities for transatlantic cooperation
On the occasion of the 10th anniversary of the establishment of the Transatlantic Economic Council (TEC), the American Chamber of Commerce to the EU (AmCham EU) underscores the continued value of transatlantic economic cooperation as a vehicle for jobs, growth and prosperity on both sides of the Atlantic.
The TEC established a framework for deeper EU-US economic cooperation that ultimately set the stage for comprehensive negotiations for a Transatlantic Trade and Investment Partnership (TTIP). It is important that the EU and the US build on the extensive progress made through these initiatives.
With this in mind, AmCham EU outlines its eight priorities for renewed transatlantic economic cooperation:
1. Trade and investment: The transatlantic trade and investment relationship is responsible for half of world GDP and employs 15 million people. Further liberalisation of the market would bring substantial economic benefits for businesses, consumers and citizens.
2. Digital economy: Data flows across the Atlantic are the highest in the world. The EU and the US must ensure the continued free flow of data and develop global standards for upcoming technologies, such as the Internet of Things (IoT) and Artificial Intelligence (AI).
3. Energy: Further liberalisation of transatlantic energy flows is key to the long-term competitiveness of companies on both sides of the Atlantic.
4. Financial services: A level playing-field when implementing globally agreed regulatory standards in financial services is crucial for EU and US businesses of all sizes.
5. Healthcare: The EU and the US recently agreed to mutually recognise each other’s Good Manufacturing Practices (GMP) inspections. Identifying opportunities for further cooperation will be important to ensure our healthcare companies remain world leaders in their field.
6. Innovation: Bilateral research and development (R&D) flows across the Atlantic are the largest in the world. Continued investment by EU and US companies in R&D relies on a stable, open and prosperous transatlantic marketplace.
7. Intellectual property: Joint transatlantic efforts to enforce Intellectual Property Rights (IPRs) in third countries would encourage innovation and help build a knowledge-based transatlantic economy.
8. Security and defence: A strong transatlantic defence and security industry requires open and competitive defence markets and the removal of outstanding barriers to market access.
The EU-US partnership has served as the cornerstone of our shared prosperity for over a century. At a time of renewed uncertainty at home and abroad, AmCham EU strongly believes that reinforcing and strengthening our ties is more important than ever.
The US business community stands ready to work with policymakers on both sides to promote a transatlantic economy that delivers growth, stability and security for our businesses and citizens.
For more information, see AmCham EU's Transatlantic Economy Report 2017.