The future of the transatlantic economic relationship was the focus of Atlantik-Brücke’s roundtable discussion with Peter S. Rashish, Vice President, Europe & Eurasia of the U.S. Chamber of Commerce on February 15, 2012 in Berlin. 40 guests from think tanks, international businesses, the media, academia and politics engaged in a lively discussion with the speaker.

In his remarks, Rashish spoke out for the establishment of a “transatlantic economic and trade pact.” He emphasized what an important partner Europe is for the US in building up its economy and job market. Domestically, there is also much the US can do to face these issues, such as ramping up US production of energy resources, focusing on making the US an attractive place to invest, bringing the fiscal house in order, and encouraging innovation. But a trade policy that recognizes Europe as a partner for growth and includes goods and services, procurement and investment measures would be an ambitious and perhaps more powerful step. However, in Mr. Rashish’s view, such a pact is destined to fail if it is not designed with creativity and flexibility. With a carefully crafted pact, the US and Europe could set standards for how the world economy should be organized.

Rashish agreed with participants that one major issue in trade policy is often the neglect of regulatory matters. He recommended reflecting on “what success looks like” in terms of the regulation of goods and technical products, analyzing consumer experiences, and creating a binding agreement to address regulatory issues during pact negotiations. He also expressed particular optimism for transatlantic cooperation on this front, considering current economic integration and political alliances.

Other issues addressed in the discussion included international accounting standards, President Obama’s goal to bring offshore labor back inland, how relations with China might be affected by a transatlantic trade pact, and the role of the Doha Round in future trade policy.

This event was offered in cooperation with BDI's "Working Group USA" (Arbeitskreis USA), and was moderated by Bernhard Welschke, Department Head, North and Latin America, Security and Global Governance, Federation of German Industries (BDI).