TEXT: CLINTON STATEMENT ON MUTUAL RECOGNITION AGREEMENTS
(Accords eliminate duplicative product certification)

Denver -- The United States and the European Union initialed agreements June 20 that will reduce trade barriers, increase exports and promote more efficient regulation in sectors that account for approximately $50 billion in two-way trade between the United States and Europe.

In a statement released at the Summit of the Eight in Denver June 20, President Clinton said the accords, which cover several areas including telecommunications equipment, information technology, medical devices, and pharmaceuticals, 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.

"This is a good agreement for the American people and is good news for manufacturers, workers and consumers in the United States and Europe," the President said.

Following is the text of the President's statement:

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THE WHITE HOUSE

Office of the Press Secretary
(Denver, CO)

For Immediate Release June 20, 1997

STATEMENT BY THE PRESIDENT

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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