Memo: 1st Transatlantic Economic Council (TEC) Meeting, November 9, Washington, DC – Joint Statement

The United States and the European Union recognize the importance of our shared commitment to reducing barriers to international trade and investment to increase the standard of living of our citizens. Our leaders agreed at the April 2007 US-EU Summit on a Framework for Advancing Transatlantic Economic Integration between the United States of America and the European Union, which indicated priority areas for work. A key element of this new initiative was the establishment of the Transatlantic Economic Council to oversee the efforts outlined in the Framework and accelerate progress on economic integration. The Council is co-chaired by Allan Hubbard, Assistant to the President for Economic Policy and Director of the National Economic Council, and Günter Verheugen, Vice-President of the European Commission, and is formally advised by the Transatlantic Business Dialogue, the Transatlantic Consumers Dialogue, and the Transatlantic Legislators Dialogue.