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U.S. Commerce, EU look to strengthen trade

Feb. 23, 2005 at 2:00 PM

WASHINGTON, Feb. 23 (UPI) -- The U.S. Chamber of Commerce has signed a declaration with the European Union to strengthen trade, investment and regulatory cooperation.

"Strong economic ties between Europe and the U.S. are essential to our continued prosperity and global economic growth," said Thomas Donohue, Chamber president and CEO.

Under the joint declaration -- also signed by two European counterparts, the AMCham EU and UNICE, a European business federation -- the chamber agreed to commit to concluding negotiations on the Doha Development Agenda and to begin negotiations on creating a U.S.-EU investment and regulatory agreement.

"Improving the international dialogue in the areas of corporate governance, accounting, and national security will strengthen the free flow of goods and services between the two continents," said Donohue.

The total transatlantic investment between the United States and EU is nearly $1.8 trillion. It generates over $1 billion in trade everyday and employs more than 12 million people.

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