EU, US look for common rules to boost job growth
(WASHINGTON) - Top officials from the United States and Europe will meet in Washington Friday, hoping to attune trade rules and help propel employment on both sides of the Atlantic.
At a regular meeting of the Transatlantic Economic Council, White House and European Union officials are set to discuss cooperation in the areas of innovation, renewable energy, health technology and other sectors.
Long the two principal drivers of the world economy, both the United States and the EU have recently been mired in slow growth and relatively high levels of unemployment.
The trend -- coupled with the rise of emerging economies like China, India and Brazil -- has further called transatlantic primacy into question, despite the United States and Europe accounting for around half of global gross domestic product.
At a top-level summit in Portugal last month US President Barack Obama and EU leaders agreed to help streamline regulation in a way that could help create jobs on both sides of the Atlantic.
According to the European Commission, incoherent regulation costs both economies 160 billion euros (212 billion dollars) each year and harmonization could boost export trade by around eight percent.
"Eliminating or preventing trade barriers and coordinating regulatory actions, especially in emerging technologies, are the top priorities," William Kennard, US ambassador to the EU, wrote in an opinion article ahead of Friday's meeting.
Trade Commissioner Karel De Gucht will lead the EU delegation and is also expected to meet US Trade Representative Ron Kirk.
Despite the talk of cooperation, both sides will face a long list of transatlantic trade disputes, from agricultural subsidies to World Trade Organization disputes over aid to aircraft manufacturers Boeing and Airbus.
The two companies are currently locked in fierce competition for a US Air Force aerial refueling tanker contract worth tens of billions of dollars.
De Gucht and Kirk are also expected to discuss how to restart the long-stalled Doha round of world trade talks and efforts to persuade China that it must open its doors to more imports.