How it started

Originally the idea of the late U.S. Secretary of Commerce Ron Brown, the TransAtlantic Business Dialogue (TABD) was conceived to promote closer commercial ties between the U.S. and European Union. Brown, together with his counterparts in the European Commission, Martin Bangemann and Sir Leon Brittan, created the dialogue system as a mechanism to encourage public and civil society input to fostering a more closely integrated transatlantic marketplace. The dialogue system, which includes separate dialogues for consumers, labor, environment and business, was a key part of the governments' 1995 New Transatlantic Agenda (NTA), which laid out a plan to enhance overall transatlantic economic and political relations.

The TABD's objective

The TABD's goal is to help establish a Barrier-Free Transatlantic Market which will serve as a catalyst for global trade liberalisation and prosperity. Unified markets are needed to create a business environment which will stimulate innovation and economic growth, increase investment and create new jobs.

Who is involved?

The TABD is Co-chaired by a US and European CEO and/or chairman for a period of two years. The Co-chairmen lead an Executive Board of another 29 CEOs and/or chairmen representing major American and European companies with strong transatlantic credentials, who together make up the membership of the TABD. The Executive Board agrees on the direction for the TABD, its activities both short and long term. The current chairmen are James Quigley, CEO of Deloitte Touche Tohmatsu, and Jürgen Thumann, Chairman of Heitkamp & Thumann Group The TABD is convened by the US Administration and the European Commission, and it is this mandate that allows the TABD to exist. On the US side, the mandate comes from the Department of Commerce. On the EU side, the mandate comes from the European Commission, and the Presidency of the European Union.  Other  US and EU government agencies and departments are included in the dialogue, specific to a particular issue addressed by the TABD.

How is it funded?

The TABD is funded exclusively by the companies that participate in the process.

Activities

The TABD meets at the senior level, or the Executive Board, twice per year to lay out the priorities of the business community and direction of the TABD process. Throughout the year, the working level representatives of these companies meet to discuss the details on the recommendations established by the Executive Board. Outreach to other companies and business organisations is conducted at this level to ensure that the TABD's recommendations represent the widest business consensus possible. The TABD works in close cooperation with its conveners in the U.S. Administration, the European Commission and the Presidency of the European Council. The TABD also keeps legislators in the European Parliament and the US Congress informed of its activities.

Accomplishments

• Adoption of the Framework for Advancing Transatlantic Economic Integration: the Framework was adopted at the 2007 US-EU Summit and reflects many of TABD’s policy priorities towards realising the Barrier- Free Transatlantic Market. The Framework foresees in the establishment of a Transatlantic Economic Council, which will adopt a work program to achieve the objectives of the Framework, and will oversee progress towards these objectives. The TABD has been chosen by the Summit Leaders to represent the transatlantic business community on the Advisory Council that sits with the TEC.


• Convergence of accounting standards: the SEC has made proposals to eliminate the reconciliation requirement for foreign private issuers who comply with IFRS as approved by the IASB. This is an important step on the roadmap towards convergence of IFRS and US GAAP, which has been a long-standing TABD priority.


• Implementation of a transatlantic Innovation Healthcare agenda: in 2007, the TABD organized a high-level conference on innovation-related healthcare issues. US Deputy Secretary of Commerce Sampson and EU Commission Vice-President Verheugen endorsed the recommendations coming out of the conference.


• Joint EU US action in third countries to protect intellectual property rights: Through the efforts of TABD and others, the US and EU agreed in 2006 a EU- US Action Strategy for the Enforcement of Intellectual Property Rights, naming the TABD as a key interlocutor for both strategy development and execution.


• The establishment of the transatlantic Regulatory Cooperation Forum in 2005. Previously, the TABD had helped finalize negotiations on the US-EU Guidelines for Regulatory Cooperation by proposing specific language on "operational transparency" to break the impasse between our governments.