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Old 05-08-2007, 11:32 AM
 
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President Bush signed an agreement creating a "permanent body" that commits the U.S. to "deeper transatlantic economic integration," without ratification by the Senate as a treaty or passage by Congress as a law.

The "Transatlantic Economic Integration" between the U.S. and the European Union was signed April 30 at the White House by Bush, German Chancellor Angela Merkel – the current president of the European Council – and European Commission President José Manuel Barroso.

The Transatlantic Economic Council was tasked with creating regulatory convergence between the U.S. and the EU on some 40 different public policy areas, including intellectual property rights, developing security standards for international trade, getting U.S. GAAP (Generally Accepted Accounting Practices) recognized in Europe, developing innovation and technology in health industries, implementing RFID (Radio Frequency Identification) technologies, developing a science-based plan on bio-based products and establishing a "regular dialogue" to address obstacles to investment.

At a joint press conference, Bush thanked the other two leaders for signing the "trans-Atlantic economic integration plan," commenting that, "It is a recognition that the closer that the United States and the EU become, the better off our people will be."
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