United States, European Union Reaffirm Commitment to Open, Transparent, and Non-Discriminatory Investment Policies
Media Note Office of the Spokesperson Washington, DC
April 10, 2012
Following is the text of a joint statement issued by the U.S. Department of State and the United States Trade Representative.
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Today, the United States and the European Union (EU), under the auspices of the Transatlantic Economic Council, announced an agreement on Shared Principles for International Investment, which reaffirms our commitment to open, transparent, and non-discriminatory international investment policies. International investment, both by American companies abroad and by foreign companies in the United States, benefits U.S. companies and American workers by creating high-paying jobs, boosting exports, and spurring innovation in the United States.
U.S. Cabinet-level principals and EU commissioners attending a Transatlantic Economic Council meeting on November 29, 2011, urged that a joint set of international investment principles be developed to strengthen our collaborative efforts to foster open investment policies worldwide. These principles would guide the United States and EU and the governments of third countries in developing future investment policies. The United States looks forward to working with the EU to promote the principles around the world, including through the G8 Deauville Partnership with countries in the Middle East and North Africa (MENA) region.
The principles embody a number of shared core values, including a commitment to open and non-discriminatory investment policies, a level competitive playing field, strong protections for investors and their investments, neutral and binding international dispute settlement, strong rules on transparency and public participation, responsible business conduct, and narrowly-tailored reviews of national security considerations. The joint statement recognizes that governments can fully embrace these principles without compromising their ability to regulate in the public interest.
The principles are available at USTR’s website and at the Department of State’s website.
ADDITIONAL MATERIAL
FROM: DEPARTMENT OF STATE
About the Transatlantic Economic Council
Mission
Created by a joint framework for advancing transatlantic economic cooperation, the Transatlantic Economic Council (TEC) is the primary plenary forum for economic dialogue between the United States and the European Union. The TEC works to facilitate agreement on a wide range of economically important issues managed through its Current Workplan. Meeting at least once per year, the co-chairs of the TEC – White House Deputy National Special Advisor for International Economic Affairs and European Commission Vice President for Trade – promote dialogue and agreement to further integrate the transatlantic economies. Across a spectrum of interrelated issues, the TEC seeks to eliminate trade barriers, implement best practices, harmonize standards, and develop market access.
History
Following the 2007 U.S.-EU Summit, a Declaration on Enhancing Transatlantic Economic Integration and Growth laid the foundation for a growth driven agenda of cooperative dialogue. Since then, the TEC has built upon the historical and on-going transatlantic economic integration to identify new areas of cooperation.
