U.S.-Europe News. EU-US progress on cutting trade barriers but disputes remain

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1 November 19, 2007 U.S.-Europe News EU-US progress on cutting trade barriers but disputes remain The European Union and the United States made progress on eliminating regulatory obstacles hampering their economic relations, officials said on November 9 after the first meeting of the Transatlantic Economic Council. However, a number of disputes related to biodiesel, poultry and customs procedures continue to fray the relationship. While the first meeting of the Transatlantic Economic Council (TEC) did not yield any substantial results, officials said some advances had been made in the negotiations, which are aimed at clearing away technical regulations and standards that substantially raise costs for companies wishing to trade and invest across the Atlantic. Airlines to face tougher CO2 targets following MEPs' vote Airlines must reduce CO2 emissions by 10% when they join the EU's carbon cap-and-trade scheme in 2011, the European Parliament said in a vote, an outcome which disappointed both airlines and environmentalists. In an effort to tackle aviation's small but fast-growing contribution to climate change, the Commission issued a legislative proposal in December 2006 to include the sector in the EU's emission trading scheme (EU-ETS). The proposal involves imposing a cap on CO2 emissions for all planes arriving or departing from EU airports, while allowing airlines to buy and sell 'pollution credits' on the EU 'carbon market. Members of Parliament voted, on November , in favour of slightly toughening up a Commission plan to include the aviation sector in the EU's emission trading scheme. EU growth forecast cut amid 'continued uncertainty' The Commission has played down expectations for the EU's economy in 2008 and Meanwhile, the European Central Bank has responded to the "continued uncertainty" on European financial markets following the US sub-prime mortgage crisis by announcing further cash injections, but said higher than expected inflation meant a cut in interest rates remained out of the question. European economies are unlikely to perform as well as had been predicted six months ago, due to the "summer's turbulence in the financial markets, the US slowdown and the ever-rising oil prices", but overall "the negative impact should be limited", said Economic Affairs Commissioner Joaquín Almunia, presenting the Commission's latest economic forecasts on November 9. The autumn report foresees that growth in the EU economy will reach 2.4% in 2008 and % less than had been predicted in the spring. In what appeared a sign of recognition that the global credit crunch resulting from the US sub-prime mortgage crisis was not yet over, the ECB's governing council, on November 8, announced that it would repeat emergency liquidity injections worth 40 billion and 75 billion on November 23 and December 12 respectively.

2 U.S. Chamber Events & Highlights On November 19, The US Romania Energy Forum will bring together members of US & Romanian business sector. Several Romanian Deputy Finance Ministers, will be featured guests, along with representatives from many of Romania s largest energy companies. The event will provide opportunities for one-on-one meetings with the Romanian guests to discuss export opportunities and projects. Speakers will address important issues affecting the future of energy production in both countries and financing solutions for environmental and plant modernization projects in Romania. Romania joined the European Union on January 1, 2007 and its energy sector faces many challenges as companies adapt to new EU energy and environmental regulations. On November 30, U.S. Chamber of Commerce will host an event on Innovation Advocacy Hill staffers Speak Up: Tactics that Really Get their Attention. The advocacy world is constantly expanding, to stay ahead join us for the launch of the Innovative Advocacy Series. Hill staffers talk frankly about the advocacy campaigns that grab their attention, and which efforts they often disregard. Hear directly from the people you are trying to reach and find out what really influences a Congressional office from the people who work there. On December 3, The Eurasia Business Platform will hold its First Annual Conference on "Growth Imperatives and Regional Responsibilities." Speakers will include U.S. Secretary of Commerce, Carlos Gutierrez, U.S. Senator Chuck Hagel, Thomas Donohue, President and CEO U.S. Chamber of Commerce. On December 4, U.S. Chamber of Commerce will hold an event on Protecting Our Competitive Edge: Supply Chain Bottlenecks and the U.S. Economy. As the global marketplace grows more competitive, the efficiency and productivity of the U.S. supply chain, the lifeblood of the economy, is paramount to our success. Delays and backlogging at our ports and along our borders caused by aging infrastructure at ports and inland waterways, capacity overflows, and new security policies are slowing down the flow of goods and materials in and out of the U.S. This event will open a dialogue between experts, business leaders, and policy makers to focus on the problems at our ports and borders, changes needed to allow the economy to flourish, and how we can begin to make those changes. American Chambers of Commerce Events & Activities There are 43 American Chambers of Commerce (AmChams) in Europe and Eurasia, which are affiliated with the U.S. Chamber of Commerce.

3 Armenia On November 23, AmCham Armenia will host a membership meeting with Mr. Davit Harutyunyan, Chairman of the Standing Committee on State and Legal Affairs of the National Assembly of the Republic Armenia, who will discuss issues related to judicial reforms in Armenia and possible AmCham participation in drafting laws and regulations that would impact the investment and business climate in Armenia for both the international and local businesses. On November 30, AmCham Armenia will host a membership meeting with Mr. Avet Adonts, Chairman of the Standing Committee on European Integration of the National Assembly of the Republic Armenia, who will discuss issues related to European integration and its effects on Armenia s international relations, the current status of harmonization of the Republic of Armenia laws with the European legislation and other related issues. On December 15, AmCham Armenia will host its Annual Christmas Gala Dinner. Austria On November 21, AmCham Austria will host a Thanksgiving Reception. Belgium On November 22, AmCham Belgium will host a CEO event for Patron and Sustaining members on Ways to improve the net impact of senior executives compensation package". On November 27, AmCham Belgium will host a lunch with Minister President of Wallonia on Innovation in Wallonia. On December 4, AmCham Belgium will be holding a comparative EU/US innovation conference supported by the US Embassy and AmCham EU. This event will examine how the US and the EU compare in terms of encouraging innovation, and determine best practices to promote innovation and research in the EU. BritishAmerican Business On November 21, BritishAmerican Business will host an event about The Commercialisation of IP. On November 23, BritishAmerican Business will host a member luncheon. On November 29, BritishAmerican Business will host an event Evening with the Philharmonia Orchestra. On December 11, BritishAmerican Business will hold Annual Christmas Lunch Sponsored by HSBC Bank, Invest in Northern Ireland, Knight Frank Newmark, and Roxby Media Ltd.

4 Bulgaria On December 11 and 12, AmCham Bulgaria will be participating in The Economist Conference: Seventh Business Roundtable with the Government of Bulgaria Making EU membership work for businesses. On December 11, AmCham Bulgaria will host a Christmas Party. Croatia On November 29, AmCham Croatia will host the Annual General Assembly. On November 29, AmCham Croatia will hold its election for the new Board of Governors. On December 4, AmCham Croatia will hold a meeting with various entrepreneurs of the Varadin County. Finland On November 29. AmCham Finland will host the Thanksgiving Dinner. Luxembourg On November 20, AmCham Luxembourg will organize U.S. Personal Tax Seminar. The presentation will be given by the partners of U.S. Tax Abroad an organization with locations in the United States and Belgium. On November 22, AmCham Luxembourg will host an event on Business Intelligence. On November 28, AmCham Luxembourg will hold AmCham Annual Thanksgiving Dinner. Norway On November 22, AmCham Norway will host a Thanksgiving Charity Evening Event. Poland On November 19, AmCham Poland s SMEs Committee will organize a meeting on liquidity and cash flow issues On November 20, AmCham Poland will host a Thanksgiving Business Mixer On November 27, AmCham Poland s Health Committee Meeting will take place. Sweden On November 17, AmCham Sweden will celebrate Thanksgiving with American Club. On December 11, AmCham Sweden will host Christmas Party. Turkey On November 16, a joint meeting will be held with TABA/AmCham Bursa Ankara Adana Branches to discuss a position against a group of people and their boycott of U.S. materials. On November 19, Turkish Contractor Association Ankara will hold a reward

5 ceremony. TABA/AmCham s Chairman Mr. Ugur Terzioglu will receive a reward given by PM of Turkey Recep Tayyip Erdoðan. Ukraine On November 19, AmCham Ukraine will hold Chamber s Banking and Financial Services Committee Meeting On November 20, AmCham Ukraine will hold Chamber s Round Table on Brand Protection in Ukraine. On November 21, AmCham Ukraine will Chamber s Toastmasters Committee Mtg. On November 22, AmCham Ukraine will hold Chamber s Legal Committee Meeting. On November 27, AmCham Ukraine will hold its Agricultural Committee Meeting. On November 28, AmCham Ukraine will hold Chamber s Toastmasters Committee. AmCham Albania AmCham Finland AmCham Latvia AmCham Slovak Republic AmCham Armenia AmCham France AmCham Lithuania AmCham Slovenia AmCham Austria AmCham Georgia AmCham Luxembourg AmCham Spain AmCham Azerbaijan AmCham Germany AmCham Macedonia AmCham Sweden AmCham Belgium AmCham Greece AmCham The Netherlands AmCham Switzerland AmCham Bulgaria AmCham Hungary AmCham Norway American Business Forum in Turkey AmCham Croatia AmCham Ireland AmCham Poland Turkey American Business Association AmCham Cyprus AmCham Italy AmCham Portugal AmCham Ukraine AmCham AmCham Kazakhstan AmCham Romania British American Business AmCham Denmark AmCham Kosovo AmCham Russia AmCham Uzbekistan AmCham EU AmCham Kyrgyz Republic AmCham Serbia and Montenegro U.S. Chamber of Commerce 1615 H Street, N.W. Washington, D.C