US, EU Agree On Partnership Accord
Plan aimed at eventually eliminating barriers to freer transatlantic trade and travel
WASHINGTON, DC – 04/24/07 – The US and the European Union (EU) have reportedly agreed to a plan outlining "extensive economic collaboration “ to bolster a transatlantic partnership “without barriers.”
According to a recent article in the German magazine Der Speigel, the accord has been agreed by President George Bush, German Chancellor and current EU President Angela Merkel, and European Commission President Jose Manuel Barroso.
The plan will be signed at the next EU-US Summit scheduled later this month in Washington.
The partnership plan includes comprehensive “common norms and standards” for industrial companies and financial service providers.
So-called “balance sheet directives” would be recognized on both sides of the Atlantic in 2008, it said, adding that that would also be the case for market entry procedures in the pharmaceutical, chemical, cosmetics, and the automobile parts and aftermarket sectors.
The plan also foresees the creation of a forum on energy technologies to formulate recommendations.
Both the White House and the European Commission are also each expected to create a post within their respective trade administrations to deal with transatlantic trade issues.
In a related development, the issue of extending visa-free travel to all EU citizens traveling to the US was highlighted by EU Foreign Minister Michael Frendo at the most recent meeting of the General Affairs and External Relations Council (GAERC) in Luxembourg.
According to Frendo, commitment towards visa free travel “should be clearly expressed in the outcome of the upcoming US-EU Summit.
Currently, the US requires visas for citizens from nine of the ten newest EU member countries.
Frendo referred to “the importance of strengthening relations between the EU and the US” noting that the upcoming Summit “will provide ample opportunity to achieve the goal of reducing barriers to trade and travel” between the bloc and the US.
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