Towards a Barrier-Free Transatlantic Market. Report and Recommendations to the 2006 EU-US Summit Leaders, May 2006

The transatlantic economic relationship remains the most integrated and significant economic relationship in the world. The European Union and the United States are drivers of global growth and prosperity, accounting for over half of global GDP and one-third of global trade. To ensure that this relationship continues to grow and prosper, the TransAtlantic Business Dialogue (TABD) believes it is now more important than ever to push towards a Barrier-Free Transatlantic Market.

However, despite the progress made towards greater regulatory cooperation in recent years, the 30 Chairmen and CEOs participating in the TABD are seriously concerned about the rise of economic nationalism and protectionist sentiment in both Member States within the European Union and the United States. Our economies prosper when they are open to foreign investment and capital, and when people and goods can travel as freely as possible across national borders. We must not jeopardise the important progress we have achieved in the past in removing barriers to trade and investment by erecting new ones for short-term political gain.

The 2006 report, “ Towards a Barrier-Free Transatlantic Market”, highlights TABD's concerns about protectionism and calls upon political leaders in the European Union, EU Member States and the United States to resist this dangerous pressure. All of the recommendations in this report - improving regulatory cooperation, maximising security while facilitating global commerce, strengthening intellectual property protection and enforcement, and liberalising transatlantic capital markets - will be seriously compromised if critical investment flows are restricted and economic
protectionism becomes dominant. The global trading system will be seriously damaged, which is why we have reiterated our strong support for completion of the WTO Doha Development Round. The European Union and the United States must make every effort to ensure the WTO reaches agreement in 2006.

TABD are pleased with the level of support and engagement by the two administrations and look forward to continuing dialogue with the political leadership of the European Union and the United States as we jointly move towards a Barrier-Free Transatlantic Market.

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