With mutual investment stocks of €1.89 trillion, and trade in goods and services worth €700 billion annually, the EU and USA enjoy the strongest economic relationship between any two economies in the world.
Making this relationship work smoothly and reducing barriers and unnecessary burdens for transatlantic operators is the aim of transatlantic economic cooperation. DG Enterprise and Industry promotes regulatory cooperation with the American partners, taking into account the input from stakeholders. Since 2005, the European Commission and the US Government have held regular meetings of the High Level Regulatory Cooperation Forum to facilitate the exchange of best regulatory practice across industry sectors. Since 2007, the Transatlantic Economic Council (TEC), advised by stakeholders, has been working at the senior political level to accelerate government-to-government cooperation on a wide range of economic issues.
In November 2011, the EU and US leaders requested the TEC to establish a joint EU-US High Level Group on Jobs and Growth. The task of the Working Group is to identify and assess options for strengthening the EU-US economic relationship, especially those that have the highest potential to support jobs and growth. The underlying objective is to increase US-EU trade and investment to support job creation, economic growth and international competitiveness on both sides of the Atlantic.