Transatlantic Declaration, New Transatlantic Agenda, And The Transatlantic Economic Partnership

2046 Words9 Pages
The United States has formally maintained diplomatic relations with the European community since 1947 when the US and many European states were founding signers of the General Agreement on Tariffs and Trade (GATT). The agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes. The WTO replaced GATT as the organization overseeing the multilateral trading system in 1994, and now consists of 144 member states. There are three recent landmarks observed by the European Commission: the Transatlantic Declaration, New Transatlantic Agenda, and the Transatlantic Economic Partnership. In 1990 the Transatlantic Declaration was adopted, laying down the principles for greater EU/US consultation and cooperation in the fields of economy, education, science, and culture. In 1995 the New Transatlantic Agenda (NTA) and the EU/US Joint Action Plan were adopted, providing a framework for partnership under four platforms: promoting peace, stability, democracy and development around the world; responding to changes; contributing to the expansion of world trade and fostering closer ties; building bridges across the Atlantic Ocean. The Transatlantic Economic Partnership (TEP) was formed in 1998 to tackle technical barriers to trade and stimulate multilateral liberalization. This is to be done by integrating labor, business,
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