Statement on the European Union-United States Mutual Recognition Agreements

I am pleased the United States and the European Union have initialed in Denver today landmark agreements that represent a new level of transatlantic cooperation. These accords will reduce trade barriers, increase U.S. exports, and promote more efficient regulation in sectors that account for approximately $50 billion in twoway trade between the United States and Europe, including telecommunications equipment, information technology, medical devices, and pharmaceuticals.

The Mutual Recognition Agreements will eliminate the need for duplicative testing, inspection, or certification of products destined for trade on each side of the Atlantic, while protecting the health and safety of consumers on both sides of the Atlantic. By their very nature, these accords represent and require the highest level political, economic, and regulatory cooperation between nations. When implemented, this package will serve to increase U.S. exports by saving manufacturers up to 10 percent of the cost of delivering U.S. exports to Europe and enhance transatlantic cooperation to protect the health and safety of our peoples. This is a good agreement for the American people and is good news for manufacturers, workers, and consumers in the United States and Europe.

I want to thank the TransAtlantic Business Dialogue for its important role in supporting these negotiations. I also want to congratulate Commerce Secretary William Daley, U.S. Trade Representative Charlene Barshefsky, Under Secretary of State Stuart Eizenstat, and all the U.S. agencies that showed creativity and persistence in forging agreements that will help shape the transatlantic marketplace.