The mutual recognition agreement between the European Community and the United States of America is a landmark agreement that seeks to foster trade and ensure the safety of goods on both sides of the Atlantic. It was signed on 13 June 1997 between the European Union and the United States and has since been strengthened and expanded to cover various sectors.
The mutual recognition agreement aims to reduce and eliminate technical barriers to trade between the two regions. It does this by recognizing each other`s standards and conformity assessment procedures. This means that products that meet the standards in one region are recognized as meeting the standards in the other region, thus reducing the need for duplicate testing and certification. This reduces the cost of doing business between the two regions and helps to promote trade.
The agreement covers various sectors, including telecommunications equipment, medical devices, pharmaceuticals, and electrical equipment. It also includes a provision for the recognition of each other`s certification bodies. This allows for the mutual recognition of certificates issued by recognized certification bodies, reducing the need for duplicate certification and testing.
The mutual recognition agreement has been beneficial to both regions. It has increased trade and investment flows between the EU and the US, which has had a positive impact on both economies. It has also resulted in a reduction in technical barriers to trade, which has made it easier for businesses to trade between the two regions.
In addition, the mutual recognition agreement has helped to ensure the safety of goods traded between the two regions. By recognizing each other`s standards and conformity assessment procedures, the agreement has helped to ensure that goods traded between the EU and the US meet the same high standards, thereby protecting consumers on both sides of the Atlantic.
In conclusion, the mutual recognition agreement between the European Community and the United States of America is a significant agreement that has been instrumental in fostering trade and increasing investment flows between the two regions. It has also helped to reduce technical barriers to trade and ensure the safety of goods traded between the EU and the US. As such, it remains a cornerstone of the trade relationship between these two important trading partners.