We, leaders of the United States of America and the European Union (EU):
Believing that deeper transatlantic economic integration and growth will benefit our citizens and the competitiveness of our economies, will have global benefits, will facilitate market access for third countries and will encourage other countries to adopt the transatlantic economic model of respect for property rights, openness to investment, transparency and predictability in regulation, and the value of free markets;
Affirming our shared commitment to increase the transparency and efficiency of our economic cooperation and to accelerate the reduction of barriers to international trade and investment;
Desiring to improve the effectiveness of existing economic cooperation and to elevate and accelerate existing work to achieve tangible progress;
Recognizing that the transatlantic economy remains at the forefront of globalization, and that the United States and the European Union are each other's most important economic partners, reflecting historical ties as well as a wide range of common fundamental values, such as the importance of free enterprise, rule of law, property rights, free trade, and competition, and the protection of health, safety and the environment for our citizens and workers;
Reaffirming our commitment to the 2005 U.S.-EU Summit Declaration on Enhancing Transatlantic Economic Integration and Growth, in which we resolved to pursue a forward-looking agenda to enhance transatlantic economic integration and growth, and our commitments from the June 2006 Summit to redouble our efforts to reduce barriers to transatlantic trade and investment and our pledge to keep our investment regimes open and to build on existing investment flows to boost growth and create jobs in the transatlantic economy;
Recognizing further that we have established a wide range of joint work in the areas of regulatory cooperation, financial markets, trade and transport security, innovation and technological development, intellectual property rights, energy, investment, competition, services, and government procurement;
Welcoming the launch of a study funded by the European Commission to identify existing barriers to trade and investment and estimate the benefits of removing such barriers.
Have reached the following shared understandings:
Section I Purposes
We seek to strengthen transatlantic economic integration, with the goal of improving competitiveness and the lives of our people. To that end, this Framework reaffirms a multi-year program of cooperation that emphasizes results and provides accountability.
Section II
Fostering Cooperation and Reducing Regulatory Burdens
In light of our shared commitment to removing barriers to transatlantic commerce; to rationalizing, reforming, and, where appropriate, reducing regulations to empower the private sector; to achieving more effective, systematic and transparent regulatory cooperation to reduce costs associated with regulation to consumers and producers; to removing unnecessary differences between our regulations to foster economic integration; to reinforce the existing transatlantic dialogue structures in regulatory cooperation both by intensifying our sector-by-sector EU-U.S. regulatory cooperation and our dialogue between the U.S. Office of Management and Budget and European Commission services on methodological issues: we resolve to achieve the goals set out in Annex 1 in a timely manner.
Section III
Lighthouse Priority Projects
We have identified in Annex 2 priority growth projects, selected from the existing work program and other programs within the existing transatlantic dialogue, that will significantly enhance transatlantic economic integration, and we resolve to achieve progress on these projects within six to eight months of the effective date of this Framework, and at latest by the time of the 2008 EU-U.S. Summit. We resolve that future priorities are to be reflected by updating the Lighthouse Priority Projects identified in Annex 2.
Section IV
Transatlantic Economic Council
The Transatlantic Economic Council is hereby established, to be co-chaired, on the U.S. side, by a U.S. Cabinet-level official in the Executive Office of the President (currently Allan Hubbard) and on the EU side by a Member of the European Commission (currently Vice President Guenter Verheugen), collaborating closely with the EU Presidency. The Council is to:
Oversee the efforts outlined in this Framework, with the goal of accelerating progress;
Guide work between U.S.-EU Summits with a focus on achieving results, including setting goals for achieving the purposes of this Framework, developing metrics, setting deadlines and targets, and monitoring progress;
Adopt a work program, drawn initially from the existing work program under the 2005 U.S.-EC Economic Initiative, with the goal of achieving the objectives of this Framework, and shall adapt this work program and otherwise organize its activities in the manner best suited to achieving those objectives;
Review at least semi-annually its progress in achieving the objectives of this Framework;
Facilitate joint action under this Framework to advance its purposes;
Review ongoing U.S.-EU economic engagement in order to maximize progress in existing transatlantic dialogues with a view to consider phasing out technical dialogues that have completed their work or are otherwise no longer necessary;
Meet at least once a year at such time as the co-chairs decide;
Oversee preparation of annual reports to the U.S.-EU Summit leaders on goals, metrics for meeting those goals, deadlines, achievements, and areas where more progress is needed;
Facilitate closer cooperation between the United States and European Union and our legislators and stakeholders;
Convene a group comprised of individuals experienced in transatlantic issues drawing in particular from the heads of existing transatlantic dialogues to provide input and guidance to the U.S.-EU Summit on priorities for pursuing transatlantic economic integration; and
11. Include representatives of other governmental entities as the Council determines to be appropriate.
Section V
Work Program of Cooperation
We resolve to work to promote transatlantic economic integration in the following areas: intellectual property rights, investment, secure trade, financial markets, and innovation as set forth in the attached Annexes 2-7.
Signed at Washington, D.C., on this thirtieth day of April, 2007, in three originals
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