III 

109TH CONGRESS 

2D SESSION S. RES. 632 

Urging the United States and the European Union to work together to 

strengthen the transatlantic market. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 9 (legislative day, DECEMBER 8), 2006 

Mr. BENNETT submitted the following resolution; which was considered and 

agreed to 

RESOLUTION 

Urging the United States and the European Union to work 

together to strengthen the transatlantic market. 

Whereas a robust and cooperative transatlantic economic relationship is in the mutual interest of the United States 

and the European Union; 

Whereas the strength of the transatlantic economic relationship underpins global economic stability and resiliency; 

Whereas the United States–European Union economic relationship is the largest bilateral trade and investment relationship in the world, generating roughly 

$3,000,000,000,000 in total commercial sales annually 

and providing employment for up to 14,000,000 people in 

the United States and the European Union; 


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•SRES 632 ATS 

Whereas, at the 2004 United States–European Union Summit, President George W. Bush and the leadership of the 

European Union jointly pledged to strengthen the transatlantic economic relationship by improving regulatory 

cooperation through the Roadmap for United States–European Union Regulatory Cooperation and Transparency; 

Whereas, at the 2005 United States–European Union Summit, the United States and the European Union agreed 

upon numerous measures to expand economic ties, including the establishment of an official dialogue on regulatory cooperation between the Office of Management and 

Budget of the United States and the European Commission; 

Whereas, at the 2006 United States–European Union Summit, President George W. Bush, European Union Council 

President Wolfgang Schuessel, and European Commission President Jose Manuel Barroso declared in a joint 

statement, ‘‘We will redouble our efforts to promote economic growth and innovation and reduce the barriers to 

transatlantic trade and investment by implementing all 

aspects of the Transatlantic Economic Initiative . . . .’’; 

Whereas, on November 9, 2006, the United States and the 

European Union held the second economic ministerial 

meeting to further the implementation of the agreements 

of the 2005 and 2006 United States–European Union 

Summits, focusing on regulatory cooperation, intellectual 

property rights, energy security, and innovation; and 

Whereas non-tariff trade barriers such as regulatory divergence continue to pose the most significant obstacles to 

transatlantic trade, including in areas such as pharmaceuticals, automobile safety, information and communications technology standards, cosmetics, consumer product 


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safety, consumer protection enforcement cooperation, unfair commercial practices, nutritional labeling, food safety, maritime equipment, eco-design, chemicals, energy efficiency, telecommunications and radiocommunications 

equipment, and medical devices: Now, therefore, be it 

1 Resolved, That the Senate— 

2 (1) supports efforts by the United States and 

3 the European Union to fulfill commitments made in 

4 recent United States–European Union Summits to 

5 implement all aspects of the United States–Euro6 pean Union Initiative to Enhance Transatlantic Eco7 nomic Integration and Growth; 

8 (2) calls upon the leadership of the United 

9 States and the European Union to identify and 

10 eliminate unnecessary regulatory compliance costs 

11 and non-tariff barriers to trade and investment at 

12 an accelerated pace; and 

13 (3) urges the leadership of the United States 

14 and the European Union at the 2007 United States– 

15 European Union Summit to agree to— 

16 (A) a target date of 2015 for completing 

17 the transatlantic market; and 

18 (B) a jointly funded, cooperatively led 

19 study of existing obstacles to creating a trans20 atlantic market, including sector-by-sector esti21 mates of the costs of existing barriers to trade 


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1 and investment, the costs and benefits of re2 moving the barriers identified, and a timetable 

3 for removing those barriers. 

Æ 


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