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The United States of America is the largest and most important
market in the world.
The European Union and the United States are the two largest
economies in the world. They account together for about half the
entire world economy. The EU and the US have also the biggest
bilateral trading and investment relationship.
Transatlantic flows of trade and investment amount to around $1 billion a day, and, jointly, our global trade accounts for almost 40% of world trade. By working together, the US and the EU can promote their common goals and interests in the world much more effectively.
The United States of America, as the leader in the world economy and the free market economy, is especially interested in providing services to the European clients, so they have to understand the Solvency ii Directive of the European Union and the Basel ii Accord.
Transatlantic Declaration, November 22, 1990
The
United States and the European Union (then the European Community)
and its Member States adopted the following joint declaration on 22
November 1990:
The United States of America on one side and, on the other, the European Community and its Member States, mindful of their common heritage and of their close historical, political, economic and cultural ties;
guided by their faith in the values of human dignity, intellectual freedom and civil liberties, and in the democratic institutions which have evolved on both sides f the Atlantic over the centuries;
recognizing that the transatlantic solidarity has been essential for the preservation of peace and freedom and for the development of free and prosperous economies as well as for the recent developments which have restored unity in Europe;
determined to help consolidate the new Europe, undivided and democratic;
resolved to strengthen security, economic cooperation and human rights in Europe in the framework of the CSCE, and in other forums;
noting the firm commitment of the United States and the EC Member States concerned to the North Atlantic Alliance and to its principles and purposes;
acting on the basis of a pattern of cooperation proven over many decades, and convinced that by strengthening and expanding this partnership on an equal footing they will greatly contribute to continued stability, as well as to political and economic progress in Europe and the world;
aware of their shared responsibility, not only to further common interests but also to face transnational challenges affecting the well-being of all mankind;
bearing in mind the accelerating process by which the European Community is acquiring its own identity in economic and monetary matters, in foreign policy and in the domain of security;
determined further to strengthen transatlantic solidarity, through the variety of their international relations;
have decided to endow their relationship with long-term perspectives.
Principles of US-EC partnership
To
achieve their common goals, the European Community and its Member
States and the United States of America will inform and consult each
other on important matters of common interest, both political and
economic, with a view to bringing their positions as close as
possible, without prejudice to their respective independence.
In appropriate international bodies, in particular, they will seek close cooperation.
The
EC-US partnership will, moreover, greatly benefit from the mutual
knowledge and understanding acquired through regular consultations
as described in this declaration.
Economic cooperation
Both
sides recognize the importance of strengthening the multilateral
trading system. They will support further steps towards
liberalization, transparency, and the implementation of GATT and
OECD principles concerning both trade in goods and services and
investment.
They will further develop their dialogue, which is already under
way, on other matters such as technical and non-tariff barriers to
industrial and agricultural trade, services, competition policy,
transportation policy, standards, telecommunications, high
technology and other relevant areas.
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