BDI-IMDI Congressional Delegation Speech
BDI-IMDI CONGRESSIONAL DELEGATION SPEECH -- (Extensions of Remarks - March 09, 2007)
Mr. CROWLEY. Madam Speaker, on February 20, 2007, I gave the following speech in Hamburg, Germany:
The American and European economies are deeply rooted and complimentary. In 2006, the transatlantic commerce--trade, investment and local business by transatlantic subsidiaries--representing three trillion dollars in business and providing some 14 million jobs on both sides of the Atlantic.
We recognize that the U.S. Administration and Europe have developed numerous plans to eliminate barriers between the two continents, however much work remains if we are to achieve a truly barrier free transatlantic market.
Chancellor Merkel has rightly pointed to the need for a new transatlantic initiative as the best means of expanding economic opportunity and enhancing competition in the global economy. We support the call for a new Transatlantic Partnership based on the foundation of our shared values to further deepen our economic ties and to eliminate trade barriers that still exist.
Previous attempts by both U.S. Administrations and the European Commission to develop plans to enhance transatlantic cooperation have resulted in some favorable results, but a higher-level commitment is in order to more effectively dismantle the barriers that limit the economic and trade opportunities in both continents.
A mutual pledge to addressing the barriers that inhibit trade and commitment to strengthening competitiveness and growth in the transatlantic economy is timely. The BDI-IMDI Congressional Roundtable discussion underscores the need for a transatlantic framework agreement in which the governments and legislatures on both sides of the Atlantic commit to addressing these issues.
We applaud Chancellor Merkel for giving priority attention to the Transatlantic Partnership in her position as President of the European Union and support placing the item on the next EU-U.S. Economic Summit Agenda and encourage our respective governments to further cooperation in this area.
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