[Weekly Compilation of Presidential Documents Volume 33, Number 26 (Monday, June 30, 1997)]
[Page 920]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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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