The EU and US - a new special (economic) relationship?

This afternoon, Brussels and Washington announced that the EU and the US are intending to launch negotiations on a trade and investment agreement which could result in the biggest bilateral trade deal ever negotiated. The negotiations will commence once the relevant internal procedures for approval have been completed.

The press release provides a broad outline of the three main areas which the parties are seeking to negotiate; market access, regulatory issues and non-tariff barriers and addressing shared global challenges and opportunities in the 21st century. Changes to the regulatory frameworks in particular could potentially have a significant impact on technology and life sciences businesses. If the EU and US can find common ground on standards and procedures and reach regulatory compatibility, for example in relation to pharmaceuticals or medical devices, the need to comply with two sets of regulatory approvals for products and the associated costs to businesses will be reduced.

A joint statement from United States President Barack Obama, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso can be found here.

Comments

[Cole]

It would be great if they could get the deal signed and sealed or at least achieve some of the intended goals. I'm sure that this would benificial to the economy and would give the economic situation a better outlook. In negotiations like this there is always a need for translation and interpreting. If you are in need for a translation or interpreting service commission professionals.