US and EU single market
Published April 30th, 2007
The United States and the European Union are to sign up to a new transatlantic economic partnership at a summit in Washington.
The pact is designed to boost trade and investment by harmonising regulatory standards, laying the basis for a US-EU single market.
The two sides will sign an Open Skies deal, designed to reduce fares and boost traffic on transatlantic flights.
The two sides will agree to set up an “economic council” to push ahead with regulatory convergence in nearly 40 areas, including intellectual property, financial services, business takeovers and the motor industry.
The EU is hoping that the US will agree to withdraw its demand for travellers from a number of EU states to apply for visas.
It also wants an agreement to start work on another aviation deal, that would deepen the Open Skies pact, and enable Europeans to buy US airlines.
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