A Financial Times article today focuses on possible negotiations for a bilateral trade agreement between the U.S. and the European Union and some of the potential sticking points in completing such a pact. Chief among these, the article notes, are “behind-the-border” domestic regulation, such as differing technical standards in areas such as pharmaceuticals, medical services, and advanced electronics, as well as “safety regimes for conventional cars” and foodstuffs.
In dealing with differing regulatory standards, the U.S. Chamber of Commerce cautioned that the parties, however, shouldn’t aim for full regulatory convergence:………… The FT article also pointed to some serious philosophical differences between the U.S. and the EU approaches to regulation. Many of the EU’s “safety” regulations are based on the Precautionary Principle, which has a built-in bias against innovation, since new products have to prove a negative – that they don’t harm human health or the environment......To Read More.......
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