Economic Progress Report - 2007 EU-US Summit

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A 2007 status report on European Union and United States economic cooperation. Includes EU-US cooperation on intellectual property rights, environmental protection, reduction in trade barriers, energy security, and air transport.

At the 2006 EU-U.S. Summit in Vienna, we committed to redouble our efforts to promote economic growth and innovation and reduce the barriers to transatlantic trade and investment by implementing all aspects of the 2005 Initiative to Enhance Transatlantic Economic Integration and Growth (2005 Economic Initiative). We endorsed the new Action Strategy for the Enforcement of Intellectual Property Rights, and agreed to build on progress of the High Level Regulatory Cooperation Forum and expand implementation of our Roadmap for EU- U.S. Regulatory Cooperation and Transparency. We pledged to intensify efforts to conclude a first stage Air Transport Agreement.

We agreed to reinforce our strategic energy cooperation to support diversification of energy sources and supplies, secure our energy infrastructure, promote market-based energy security policies, speed development of new lower-pollution and lower-carbon technologies, and accelerate investment in cleaner, more efficient use of fossil sources and renewable sources. We agreed to conduct an annual strategic review of EU-U.S. energy cooperation. We also agreed to establish a EU-U.S. High Level Dialogue on Climate Change, Clean Energy and Sustainable Development to build on existing initiatives in the areas of climate change, biodiversity loss and air pollution and to advance implementation of the G8 Gleneagles Plan of Action for Climate Change, Clean Energy and Sustainable Development.

We welcomed progress in these areas and discussed ways to intensify our efforts on intellectual property rights, innovation and removal of regulatory barriers to trade and investment at the second informal EU-U.S. Economic Ministerial in November 2006 in Washington.

This report notes areas of progress made over the past year to implement our multi-annual, broad economic program under the Economic Initiative, per our agreements on energy and climate and in other areas of transatlantic cooperation.

Key Accomplishments

After four years of negotiations, on March 2 we concluded a comprehensive, first-stage Air Transport Agreement, which will create benefits for carriers, airports, workers, consumers, communities and economies on both sides of the Atlantic.

We have made significant progress on the implementation of the Roadmap for Regulatory Cooperation, including advancing the OMB- European Commission Dialogue on good regulatory practices, namely work on impact assessment, and advancing cooperation on pharmaceuticals, medical devices, automotive safety and consumer product safety.

We led negotiations on a substantial revision of the text of the WTO Agreement on Government Procurement (GPA), which was provisionally approved by the WTO Government Procurement Committee on December 8, 2006.

We also made major strides in strengthening our energy and climate cooperation, holding the first High Level Dialogue on Climate Change, Clean Energy and Sustainable Development (HLD), launching working groups on biofuels and energy efficiency, finalizing renewal of the EU-U.S. ENERGY STAR agreement, and holding the first annual review of our strategic energy cooperation, which examined shared geopolitical energy security goals, energy technology cooperation, and the potential for new work on biofuels, energy efficiency, carbon capture and storage, promotion of supply diversification, and cooperation to increase energy security in third countries.

Regulatory Cooperation

Since the June 2006 Summit, we have focused cooperation primarily on intensifying work on a broad range of sector-specific activities identified in the 2005 Roadmap for Regulatory Cooperation and Transparency and deepening the dialogue on good regulatory practices between the U. …