Ways and Means Trade Subcommittee Chairman John Tanner today announced a Subcommittee hearing on enhancing the transatlantic trade relationship.  The hearing will focus on bilateral and multilateral issues of common interest for the United States and the European Union, and will examine the pursuit of objectives through the existing transatlantic architecture.  The hearing will take place on Tuesday, July 27, 2010 in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 1:30 pm.

In view of the limited time available to hear witnesses, oral testimony at this hearing will be heard from invited witnesses only.  However, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the subcommittee and for inclusion in the printed record of the hearing.

FOCUS OF THE HEARING:

The United States and the European Union have a vital and long-standing relationship, including close economic ties.  The central challenge facing the transatlantic economic relationship, however, is how to maximize and, in some respects to reinvigorate, the relationship so as to advance common bilateral and global interests.  The hearing will focus on:  (1) potential issues presented by differences in approaches to regulatory standards on both a bilateral and multilateral basis; (2) ways to advance the World Trade Organizations’ (WTO) Doha Round of international trade negotiations; (3) opportunities for greater engagement between Congress and the European Parliament, particularly given the Parliament’s heightened role in European trade policy-making; and (4) ways to take advantage of existing structures, including the Transatlantic Economic Council (TEC), the WTO and Article 2 of the North Atlantic Treaty Organization (NATO) treaty to promote economic collaboration.

In announcing this hearing, Chairman Tanner said, “Just as the European Union strives to create ‘an ever closer union’ among its people, we should strive to create an ever closer relationship between the United States and the European Union.  The Transatlantic alliance is fundamental to U.S. economic and security interests.  Whatever our differences, we are all committed to the same values, and that is what makes the U.S.-EU relationship strong.  For trade in particular, our greatest challenge is how to better utilize existing institutions to address tensions and promote common objectives, whether in the bilateral relationship or in international organizations, such as the TEC, the WTO, and NATO.  This hearing will examine how our two economies can enhance their engagement in these organizations regarding several key trade issues, including regulatory standards, the WTO Doha Round, and transatlantic inter-parliamentary dialogue on trade.”

BACKGROUND:

The United States and the European Union have the largest economies in the world, with a bilateral trade relationship that is both large and complex.  With two-way trade in goods and services totaling well over $1 trillion and nearly $3 billion in daily trade and investment flows, neither economy can afford to neglect the other.  When the United States and the European Union work together on common trade objectives and demonstrate leadership on key international economic issues, they grow exponentially the ability to expand market access, enforce international rules, and spread the benefits of trade more broadly.

For American manufacturers, workers, farmers and services providers, the benefits of strong U.S.-EU coordination are two-fold:  achieving greater access to the European Union market and leveraging the joint commercial might of the two economies to advance common objectives in international trade negotiations.  For example, within the transatlantic relationship, while significant work has been undertaken on regulatory and standards issues, more can be done in these areas to facilitate trade and investment across the Atlantic.  Beyond bilateral trade issues, the United States and the European Union possess a shared systemic interest in a WTO Doha Round that is ambitious and balanced.  Such an agreement would result in greater access for U.S. goods and services around the world. 

The United States has a strong interest in ensuring that the current transatlantic architecture is adapted to present and future challenges, that existing expertise is fully harnessed, and that potential synergies are fully exploited.  Expanded dialogue between Congress and the European Parliament, and a reinvigorated TEC, both provide opportunities to advance bilateral trade initiatives and to pursue objectives of international and systemic importance.  NATO also offers interesting opportunities for dialogue on key trade issues, particularly in terms of promoting economic collaboration as envisioned in Article 2 of the Organization’s Treaty.

This hearing will examine these and related issues with the goal of enhancing the U.S.-EU trade relationship.

DETAILS FOR SUBMISSION OF WRITTEN COMMENTS:

Please Note:  Any person(s) and/or organization(s) wishing to submit for the hearing record must follow the appropriate link on the hearing page of the Committee website and complete the informational forms.  From the Committee homepage, http://waysandmeans.house.gov, select “Hearings”.  Select the hearing for which you would like to submit, and click on the link entitled, “Click here to provide a submission for the record.”  Once you have followed the online instructions, submit all requested information.  ATTACH your submission as a Word or WordPerfect document, in compliance with the formatting requirements listed below, by the close of business on Tuesday, August 10, 2010. Finally, please note that due to the change in House mail policy, the U.S. Capitol Police will refuse sealed-package deliveries to all House Office Buildings.  For questions, or if you encounter technical problems, please call (202) 225-1721 or (202) 225-3625.

FORMATTING REQUIREMENTS: 

The Committee relies on electronic submissions for printing the official hearing record.  As always, submissions will be included in the record according to the discretion of the Committee.  The Committee will not alter the content of your submission, but we reserve the right to format it according to our guidelines.  Any submission provided to the Committee by a witness, any supplementary materials submitted for the printed record, and any written comments in response to a request for written comments must conform to the guidelines listed below.  Any submission or supplementary item not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee.

1. All submissions and supplementary materials must be provided in Word or WordPerfect format and MUST NOT exceed a total of 10 pages, including attachments.  Witnesses and submitters are advised that the Committee relies on electronic submissions for printing the official hearing record.

2. Copies of whole documents submitted as exhibit material will not be accepted for printing.  Instead, exhibit material should be referenced and quoted or paraphrased.  All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee.

3. All submissions must include a list of all clients, persons and/or organizations on whose behalf the witness appears.  A supplemental sheet must accompany each submission listing the name, company, address, telephone and fax numbers of each witness.

The Committee seeks to make its facilities accessible to persons with disabilities.  If you are in need of special accommodations, please call 202-225-1721 or 202-226-3411 TTD/TTY in advance of the event (four business days notice is requested).  Questions with regard to special accommodation needs in general (including availability of Committee materials in alternative formats) may be directed to the Committee as noted above.

Note:  All Committee advisories and news releases are available on the World Wide Web at http://waysandmeans.house.gov.