Press Release: EU and US improve transatlantic business climate at high-level economic meeting

The Transatlantic Economic Council (TEC) has given a significant boost to business between the EU and US by creating a more robust and efficient economic partnership. The TEC, which met on 17 December 2010 in Washington and brought together four European Commissioners and leading US government representatives, took the first concrete steps to ensure the TEC process creates a forward-looking business environment that reduces regulatory barriers and encourages innovation, shared standards and high-tech business.

The EU and US leaderships agreed at the recent EU-US Summit in Lisbon to make the TEC central to their shared vision for growth and jobs. Participants signed an agreement on common standards of electronic health records and a declaration on energy efficiency. They also kicked off an initiative for electronic cars and related infrastructure and launched a joint website against counterfeiting. The TEC further identified key areas for joint activities in the innovation sector and discussed ways to ensure secure trade and strengthen the customs cooperation between the two partners.