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EU/US Summit – Transatlantic Economic Partnership a Main Topic

Leaders: Merkel and Barroso met in Schloss Meseberg.

The European Union and the United States are to enter into a framework agreement about a Transatlantic Economic Partnership at the annual EU/US Summit in Washington, DC, on Monday, April 30.

In preparation for the summit, Chancellor Angela Merkel, in her role as President of the Council of the European Union, and European Commission President José Manuel Barroso met at the German government’s guest house in Schloss Meseberg on Monday.

Chancellor Merkel explained that the new agreement could generate greater economic growth in both economic areas. Speaking after the meeting with Barroso, Merkel welcomed both the excellent cooperation with the EU Commission and the openness of the Bush administration on this issue.

The EU and the US together account for almost 60 percent of world trade. The United States is the single most important trading and investment partner of Europe. Almost two-thirds of direct investment in the EU comes from the United States.

The aim, according to Merkel, is to dismantle obstacles to economic relations, “which today cost us a great deal of effort, a great deal of time and a great deal of money.” These obstacles to trade can be found in every branch of industry, from the chemical industry to the pharmaceutical industry to mechanical engineering. Only customs duties play no part in the agreement; the continued reduction of customs duties is the focus of the ongoing negotiations under the auspices of the World Trade Organization (the Doha Round).

The Chancellor emphasized that in the long term a common market is to be established.

Barroso supported the initiative and declared that the two economic areas ought to be more firmly integrated.

Following the bilateral talks, Chancellor Merkel and President Barroso met with representatives of industry from the Federation of German Industries (BDI). Here too preparations for the coming meeting were on the agenda.

Business: Merkel and Barroso also met with industry representatives.

MChancellor Merkel

Wide spectrum of topics for the summit

The spotlight will be on economic topics at the EU/US Summit on April 30. For example, in-depth negotiations have already been conducted regarding a transatlantic aviation agreement, which is to be signed in Washington.

The issue complex of climate protection and energy will also play a role.

Additionally, current issues in foreign and security policy, including developments in Iran and the use of atomic energy as well as overall trends in the Middle East, will be on the agenda.

The annual EU/US summit provides an opportunity to regularly take stock of relations between the European Union and the United States of America. It also allows cooperation to be fine-tuned and extended. The summit meetings have been held alternately in Washington and in Europe since they were first launched in 1990.

April 24, 2007

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Chancellor Merkel and President Bush Meet in Washington
(January 4, 2007)

24.04.2007 11:56 AM

Government & Politics

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