Memo: EU and USA agree to foster transatlantic SME cooperation

Small and medium sized companies (SMEs) from both sides of the Atlantic should better profit from increased trade between the US and the EU. In the framework of the Transatlantic Economic Council stakeholders and government representatives agreed in Rome to facilitate SMEs presence in both continents.

Efforts to facilitate SME business support and market access in both continents is being explored, in particular by developing a framework for cooperation between the US International Trade Administration1 and the Enterprise Europe Network2, key business support organisations on both sides of the Atlantic. In line with the recent Letter of Intent signed by European Commission VP Tajani and US Deputy Secretary Blank, it is planned to further collaborate on initiatives and support for SMEs in the following areas 1) explore mutual ability to enter third country markets, 2) review specific cooperative measures for SMEs, such as joint promotion activities and support for innovation, and 3) mentoring and support measures for boosting entrepreneurship. In both continents SMEs are backbone of their economies, creating 85% of all new jobs in Europe. A key policy challenge for the EU and the US is to create adequate framework conditions so that the decision to exploring international markets is more easily undertaken by SMEs.