An influential EU/US business group has called for the ending of trade barriers between the two economic blocs and greater uniformity in accounting standards.
The Transatlantic Business Dialogue (TABD) group is made up of leading chief executives from US and EU companies which collectively employ over two million people.
The group says it would be a "major step forward" if the EU and US agreed a date for ending all export subsidies and trade "distorting" domestic supports. The group says the liberalisation of agricultural is also critical.
The group has produced a paper on building a transatlantic "barrier free" market which will form part of an EU/US summit meeting today in Adare, Co Limerick, hosted by the Tánaiste, Ms Harney, and the US Secretary of State for Commerce, Mr Donald Evans. The EU Commissioner for Enterprise, Mr Jan Figel, will also take part.
The meeting is described as a "pre-summit" before the Taoiseach, Mr Ahern, President Bush and EU President Mr Romano Prodi meet at Dromoland Castle. The meeting is also expected to review progress in the Doha world trade talks, which are currently in some difficulty.
The group says there is no need for a free trade agreement between the EU and the US, but action is needed on a "barrier-free market".
The paper, entitled Establishing a Barrier-Free Transatlantic Market, says trade needs to be less hampered in future: "The progressive elimination of tariffs on all industrial goods, without exception, by a fixed date, for all but the least-developed countries, should be the ultimate goal."
The group also points out that different accounting standards in the EU and the US are a frustration for those operating in the transatlantic market. The group wants the majority of accounting standards to be harmonised by 2007.
It says the small minority of international accounting standards that cannot be standardised should be identified and resolved.
A large part of the paper is devoted to the issue of intellectual property and counterfeiting. The paper describes the problem as a "global epidemic" representing 7 per cent of global trade.
"The transatlantic market is both a source and a target of counterfeit and pirated goods and services. The United States and EU should combat the problem vigorously, both within the transatlantic community and globally," says the report.
They call for an EU/US task force to provide a forum for regulator collaboration on the issue. "The taskforce should include law enforcement and market surveillance agencies, customs and other government officials."
It also calls for tougher criminal penalties to tackle the problem. "Immediate steps should be taken to raise global awareness of the nature and scope of the problem and the high costs and risks to consumers, business, government and our communities," says the report.
