USA UU., The commercial teams of the UE look for fast results and big savings
USA UU., The commercial teams of the UE look for fast results and big savings
BRUSSELS - U.S. and European trade negotiators are pursuing quick profits to consolidate a Julio cease fire. The problem is that even seemingly simple commercial movements can take years.
President Trump and the president of the European Commission, Jean-Claude Juncker, agreed at the White House on July 25 to avoid a commercial fight and work for "zero tariffs, zero non-tariff barriers and zero subsidies for non-automotive industrial goods."
While commercial teams prepare to meet in Washington on Tuesday, some US officials, led by Commerce Secretary Wilbur Ross, are warning the EU not to test Mr. Trump's patience with delays.
The president wants "quick negotiations that produce tangible results," Ross said in Brussels on Wednesday, a day after meeting with EU Trade Commissioner Cecilia Malmstrom. "This is not meant to be a five-year project," he said.
The negotiators, after disagreeing on the scope of a quick mini-trade agreement, now focus on aligning US and European regulations on goods and services. The United States Trade Representative, Robert Lighthizer, expects "an early harvest in the area of technical barriers to trade," his office said last month after its first round of talks with Ms. Malmstrom.
The July détente suspended, for now, The threat of US taxes on automobile imports., one of the main concerns in Europe; EU officials say talks to cooperate on car regulations "could be particularly fruitful."
Speed reducers
The divergent standards between the US UU And the European Union obliges car manufacturers to spend billions of dollars annually to adjust vehicles for sale in both markets.
Because of the cost of adapting products to slightly different standards, coordination could generate great savings for both parties, say industry and trade officials. When the USA UU And the EU tried to align the regulations a decade ago, the Dutch consultancy Ecorys estimated that their economies together would earn more than $ 200 billion a year by eliminating duplicate standards.
The analysis financed by the European Union continues to be the point of reference on regulatory barriers, which according to industry officials have increased. Putting a price on regulation is difficult because it involves elements that include tests, inspections, legal analysis and records.
In comparison, transatlantic tariffs average less than 3% in more than $ 1 trillion of annual trade in goods and services, or approximately $ 30 billion.
But this is the third attempt of EE. US-EU since 2007 to eliminate non-tariff barriers. Finding common ground on regulations is "very difficult and will not happen quickly," said Iain MacVay, a London-based lawyer at King & Spalding who has advised clients in the pharmaceutical industry during the US-U.S. business negotiations
Great opportunity
Potential savings by reducing regulatory costs between the US UU And the European Union exceeds the rate tab.
Adjusting industry standards can be technically complex, and more complicated by lobbying on all sides. Unifying regulations is not an easy task, even in industries where regulators and companies are marching, such as commercial aviation.
Washington and Brussels took five years to negotiate mutual recognition of air safety standards, and the implementation of their 2008 agreement was delayed for another three years by a point of conflict.
Chemical companies have long since abandoned the harmonization of regulations across the Atlantic and are now looking for minor steps in the classification and labeling of chemicals.
Re-labeling the same product for sale in two different markets costs billions of dollars a year. According to White House estimates, the cost of different security labeling requirements is around $ 475 million annually.
According to Ecorys' estimate, eliminating half of the non-tariff barriers for chemicals would result in total economic gains of more than $ 10 billion in the United States and the EU.
"Compliance costs are higher than tariffs, the chances of actually reducing those costs are limited but they are still very valuable," said René van Sloten, executive director of industrial policy in the EU chemical industry lobby. Cefic. "The less divergence there is, the better."
A path to rapid results is to resurrect past agreements. During three years of talks on the proposed Transatlantic Trade and Investment Partnership, which collapsed in 2016, the two sides reached some preliminary agreements on standards, which were shelved.
Officials could claim the results by extracting "an agreement somewhere in the drawer" and presenting it as an agreement, said an EU official.
"We have done a lot of preparation work over the years," Malmstrom said on October 5. "There are certain things that are very low fruits".
An example is the EU-U.S. mutual recognition agreement on good manufacturing practices for pharmaceutical products, which promises to reduce costs by ending duplicate inspections. Negotiated for three years during the TTIP talks and signed by the US. UU The day before Mr. Trump took office, the agreement was based on a 1998 agreement that US regulators made. UU They refused to implement due to concerns about lax standards in some EU countries.
Long way
The negotiators of the United States and the European Union have repeatedly tried to align the rules and standards, but many efforts were stopped or it took years to negotiate.
Insurance and reinsurance contract
After 20 years of discussions, negotiations began in February 2016 and concluded in January 2017. The agreement was signed in September 2017 and entered into provisional application.
Transatlantic Economic Council (TEC)
Established under President Bush in April 2007 as an ongoing effort to boost regulatory cooperation
Transatlantic Trade and Investment Partnership (TTIP)
A split of the TEC talks, launched under President Obama in June 2013.
It stopped after 15 rounds of negotiations in October 2016.
Negotiations concluded in June 2008
Air safety agreement
The negotiations began in 2003.
Entry into force May 2011.
Partially applied with the full application due July 2019
Signed by the USA in January 2017 and EU in March 2017
Agreement of mutual recognition of good pharmaceutical practices
Signed in May 1998 but never implemented in its entirety.
The talks for the amendment resumed after the TTIP negotiations began in July 2013
Trump-Juncker ceasefire
Two leaders in July 2018 avoided a commercial fight and started conversations, which quickly changed from trade to regulations
Sources: United States Trade Representative; European Comission; European Council; European Aviation Safety Agency
Long way
The negotiators of the United States and the European Union have repeatedly tried to align the rules and standards, but many efforts were stopped or it took years to negotiate.
Insurance and reinsurance contract
After 20 years of discussions, negotiations began in February 2016 and concluded in January 2017. The agreement was signed in September 2017 and entered into provisional application.
Transatlantic Economic Council (TEC)
Established under President Bush in April 2007 as an ongoing effort to boost regulatory cooperation
Transatlantic Trade and Investment Partnership (TTIP)
A split of the TEC talks, launched under President Obama in June 2013. It stopped after 15 rounds of negotiations in October 2016.
Air safety agreement
Negotiations began in 2003. Negotiations concluded in June 2008. Entry into force in May 2011.
The talks for the amendment resumed after the TTIP negotiations began in July 2013. Signed by the US. UU In January 2017 and the EU in March 2017. It was partially applied with the complete application until July 2019.
Agreement of mutual recognition of good pharmaceutical practices
Signed in May 1998 but never implemented in its entirety.
Trump-Juncker ceasefire
Two leaders in July 2018 avoided a commercial fight and started conversations, which quickly changed from trade to regulations
Sources: United States Trade Representative; European Comission; European Council; European Aviation Safety Agency
Long way
The negotiators of the United States and the European Union have repeatedly tried to align the rules and standards, but many efforts were stopped or it took years to negotiate.
Insurance and reinsurance contract
After 20 years of discussions, negotiations began in February 2016 and concluded in January 2017. The agreement was signed in September 2017 and entered into provisional application.
Transatlantic Economic Council (TEC)
Established under President Bush in April 2007 as an ongoing effort to boost regulatory cooperation
Transatlantic Trade and Investment Partnership (TTIP)
A split of the TEC talks, launched under President Obama in June 2013. It stopped after 15 rounds of negotiations in October 2016.
Air safety agreement
Negotiations began in 2003. Negotiations concluded in June 2008. Entry into force in May 2011.
The talks for the amendment resumed after the TTIP negotiations began in July 2013. Signed by the US. UU In January 2017 and the EU in March 2017. It was partially applied with the complete application until July 2019.
Agreement of mutual recognition of good pharmaceutical practices
Signed in May 1998 but never implemented in its entirety.
Trump-Juncker ceasefire
Two leaders in July 2018 avoided a commercial fight and started conversations, which quickly changed from trade to regulations
Sources: United States Trade Representative; European Comission; European Council; European Aviation Safety Agency
Long way
The negotiators of the United States and the European Union have repeatedly tried to align the rules and standards, but many efforts were stopped or it took years to negotiate.
Air safety agreement
Negotiations began in 2003. Negotiations concluded in June 2008. Entry into force in May 2011.
Insurance and reinsurance contract
After 20 years of discussions, negotiations began in February 2016 and concluded in January 2017. The agreement was signed in September 2017 and entered into provisional application.
Transatlantic Economic Council (TEC)
Established under President Bush in April 2007 as an ongoing effort to boost regulatory cooperation
Transatlantic Trade and Investment Partnership (TTIP)
A split of the TEC talks, launched under President Obama in June 2013. It stopped after 15 rounds of negotiations in October 2016.
Agreement of mutual recognition of good pharmaceutical practices
Signed in May 1998 but never implemented in its entirety. The talks for the amendment resumed after the TTIP negotiations began in July 2013. Signed by the US. UU In January 2017 and the EU in March 2017. It was partially applied with the complete application until July 2019.
Trump-Juncker ceasefire
Two leaders in July 2018 avoided a commercial fight and started conversations, which quickly changed from trade to regulations
Sources: United States Trade Representative; European Comission; European Council; European Aviation Safety Agency
The agreement has been in force since November 2017 and is expected to be fully implemented in July 2019. Industry officials and the European Commission said the agreement could be extended to include vaccines and veterinary drugs, two areas highlighted by the EU officials as mature for possible agreements.
For negotiators who look at the transatlantic differences in regulations, "the results in a very short period of time will be limited," said Luisa Santos, director of international relations for the lobbying group Business Europe. "The main change is that we now have a positive narrative" after the July agreement, he said.
Mr. Lighthizer meets again with Ms. Malmstrom next month. On Tuesday, he notified Congress of the administration's intention to negotiate a trade agreement with the EU. "We are committed to concluding these negotiations with timely and substantive results," he wrote.
On Thursday, Mr. Juncker, the EU's top executive, said his agreement with Mr. Trump "will be made."
Write to Emre Peker in emre.peker@wsj.com
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