The FINANCIAL — WASHINGTON, D.C.-In response to a recent joint EU-OMB report, the Chamber submitted comments with detailed recommendations on how to improve regulatory cooperation between the United States and Europe.
"When it comes to protecting consumers and the environment, there is a strong need to reduce the differences between U.S. and EU regulations," said Stan Anderson, Chair of the Chamber's Global Regulatory Cooperation Project. "We need to improve the methods of regulating business if we are to mitigate obstacles to trade, investment, and economic growth on both sides of the Atlantic."
The Chamber's list of core principles to bring greater cooperation includes:
Increased transparency
Improved data quality
Application of sound science
Stakeholder input
Assessment of cost-benefit analysis
The joint report prepared by the Secretariat General of the European Commission and the U.S. Office of Management and Budget is part of an ongoing dialogue to reduce the regulatory obstacles that impact transatlantic trade and investment. According to the Chamber, once impacts are identified, regulators can take steps to improve regulatory cooperation.
"A necessary first step toward reducing regulatory divergence is to recognize that the EU and U.S. economies are inextricably bound together in a single transatlantic market," continued Anderson. "Global commerce will only be improved when both U.S. and EU regulatory structures are based on similar core principles reflecting the shared values of our societies."
The U.S. Chamber is the world's largest business federation, representing more than 3 million businesses and organizations of every size, sector, and region.
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