Next month's bi-annual summit between the EU and the United States is likely to be an important event in EUUS trade relations. One of the main topics of discussion will be the Trans-Atlantic Business Dialogue (TABD) which involves discussion and co-operation between businessmen on various trade issues. The dialogue is designed to help reduce existing transatlantic barriers that affect the movement of goods, services and capital between the two continents. It also supports the idea of the gradual introduction of a fully harmonised regulatory business system.
Subjects on December's agenda include the pharmaceutical industry. The industry, which supports the TABD, recently expressed concern following the Commission's Decision in the light of the BSE crisis to ban items such as gelatine and tallow derivatives which are used in pharmaceutical products.
The industry has pointed out that such a ban may have serious implications for patients given that up to 85 per cent of all pharmaceutical products currently in use would be affected. The industry will be working with the Commission to find a solution that will ensure the continuity and consistent supply of safe medicinal products.
However, despite co-operation in areas such as pharmaceuticals there are still substantial differences between the EU and USA over Congress's efforts to penalise European firms which trade with what the US terms "hostile" regimes such as Cuba, Libya and Iran.
In advance of the summit, MEPs voted in favour of a resolution which rejects the principle of extra-territorial legislation such as the Helms-Burton and d'Amato Acts and expresses the hope that the summit will give an impetus to the process of eliminating non-tariff barriers to trade. Speaking to MEPs, the EU trade Commissioner Sir Leon Brittan welcomed moves to resolve the issue. He declared that "the root problem with US extra-territorial legislation lies with its legislation (and that) European parliamentarians have an increasingly important role to play in presenting our views to US legislators".