The Commission is in regular cooperation with its trading partners, both in multilateral organisations, such as the UN, the OECD and the World Bank, as well as in bilateral dialogues on regulatory issues.
The G20 Summit in November 2008 demonstrated the importance of international cooperation in the current economic and financial crisis and the positive impact which the European Union can have when it acts together. In December 2008, the Commission set out a strategic framework for international regulatory cooperation and identified future priority actions.
In the case of the United States, in May 2008 the Commission produced a joint paper with the US Office of Management and Budget (OIRA). in the framework of the Transatlantic Economic Council (TEC) to compare the respective systems for assessing impacts on international trade and investment.
The recommendations made in the paper have been integrated into the Commission's Impact Assessment Guidelines. The US authorities have agreed to do the same in their guidelines for regulatory impact assessment
The draft joint paper was submitted for public comment in November 2007 and a number of organisations and individuals contributed. The final joint paper includes responses to these contributions.