    [Public Papers of the Presidents of the United States: William J. Clinton (1997, Book I)]
    [June 20, 1997]
    [Pages 775-776]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on the European Union-United States Mutual Recognition
    Agreements
    June 20, 1997

        I am pleased the United States and the European Union have initialed
    in Denver today landmark agreements that represent a new level of
    transatlantic cooperation. These accords will reduce trade barriers,
    increase U.S. exports, and promote more efficient regulation in sectors
    that account for approximately $50 billion in two-way trade between the
    United States and Europe, including telecommunications equipment,
    information technology, medical devices, and pharmaceuticals.
        The Mutual Recognition Agreements will eliminate the need for
    duplicative testing, inspection, or certification of products destined
    for trade on each side of the Atlantic, while protecting the health and
    safety of consumers on both sides of the Atlantic. By their very nature,
    these accords represent and require the highest level political,
    economic, and regulatory cooperation between nations. When implemented,
    this package will serve to increase U.S. exports by saving manufacturers
    up to 10 percent of the cost of delivering U.S. exports to Europe and
    enhance transatlantic cooperation to protect the health and safety of
    our peoples. This is a good agreement for the American people and is
    good news for manufacturers, workers, and consumers in the United States
    and Europe.
        I want to thank the TransAtlantic Business Dialogue for its
    important role in supporting these negotiations. I also want to
    congratulate Commerce Secretary William Daley, U.S. Trade Representative
    Charlene Barshefsky, Under Secretary of State Stuart Eizenstat, and all
    the U.S. agencies that showed creativity and persistence in forging
    agreements that will help shape the transatlantic marketplace.

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