EU, US to hold high-level talks on transatlantic economic ties

When the Transatlantic Economic Council (TEC) meets for the second time in Brussels Tuesday, it will bring together a list of key economic policy makers from both sides. The EU delegation is chaired by the European Commission Vice President Gunter Verheugen and includes Trade Commissioners Peter Mandelson, Taxation Commissioner László Kovács, Consumer Protection Commissioner Meglena Kuneva and Charlie McCreevy, commissioner for Internal Market and Services.

On the US side, Secretary of Agriculture Ed Schafer, Secretary of Labor Elaine Chao and Trade Representative Susan Schwab are among the members of the delegation, headed by Dan Price, assistant to the US President George W. Bush for International Economic Affairs. Steady progress in a number of areas of regulatory co-operation including in the pharmaceutical, cosmetics and animal testing areas was expected to be high on the agenda.

The EU will present the progress report on the use of pathogen reduction treatment for poultry in the EU. Other items include EU progress report on acceptance of US accounting standards, discussion of US and EU regulatory issues in the insurance sector, enhancing market access for broker-dealers, exchanges and other trading systems. The EU and the United States will also adopt a joint statement on open investment and welcome the imminent start of the second phase of negotiations of the air services agreement.

The TEC was created at the a summit between the EU and the United States in Washington in April 2007 to foster transatlantic economic integration and aims to achieve better regulation, barrier-free and secure trade, protection of intellectual property rights, and integration of financial markets. (people.com.cn)