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Welcome
European American Business 2006 reminds us of the unique transatlantic economic relationship that has served as a cornerstone of the US–EU partnership, writes Carlos M Gutierrez, United States Secretary of Commmerce
 Carlos M Gutierrez |
As the world’s two largest economies, the United States and the European Union have a special responsibility for the global economy. Our economic leadership fosters development and prosperity around the world. In the United States, as we continue to implement President Bush’s economic expansion and job growth plan, we are doing our part to achieve that goal. America wants and needs a dynamic Europe to partner with us in the stewardship of the global economy. We commend the EU for renewing its commitment to growth in its mid-term review of the Lisbon Agenda.
As the United States and the European Union strive to put our domestic environments on a solid footing, we are also seeking to implement the vision of a barrier-free transatlantic marketplace. While the $2.5 trillion transatlantic trade and investment is significant, there is room for more growth that can be realised by removing barriers to the flow of goods, services, capital and labour. The reasons for doing so are compelling. The OECD estimates that deepening integration of transatlantic markets is likely to boost GDP by $600 billion a year.
Presidents Bush and Barroso are committed to expanding economic ties by collaborating on 10 key areas, including regulatory co-operation, innovation, and intellectual property rights protection. In November 2005, I participated in the first US–EU Economic Ministerial, a reflection of the importance our leaders place on the transatlantic economic relationship.
Looking beyond our bilateral ties, achieving a successful completion of the Doha Round is a goal that the United States and the European Union both share. We cannot risk a missed opportunity to energise the multilateral trading system, bolster global economic growth, and rescue millions of people from poverty. The United States will reaffirm its leadership role as WTO members work hard to ensure a meaningful outcome for the Doha Round.
The business community continues to play a key role in contributing to the dialogue on these issues. I applaud the European Council of American Chambers of Commerce and its membership for being so central to maintaining a constructive dialogue on transatlantic and global economic matters.