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US Business Group Cites Ways To Reduce US,EU Regulatory Hurdles

WASHINGTON -(Dow Jones)- Increasing transparency and improving data quality are just two actions the U.S. and European Union should take to reduce regulatory obstacles and improve transatlantic trade, the Chamber of Commerce said Monday.

Responding to a joint report by the European Union and U.S. Office of Management and Budget, the business federation said improvements in areas of data quality, transparency, stakeholder input, cost-benefit analysis and the application of sound science would help make business regulations in the two countries more seamless.

"When it comes to protecting consumers and the environment, there is a strong need to reduce the differences between U.S. and EU regulations," said Stan Anderson, chair of the Chamber's Global Regulatory Cooperation Project. "We need to improve the methods of regulating business if we are to mitigate obstacles to trade, investment and economic growth on both sides of the Atlantic."

If the EU and U.S. were to base their regulations on the same core principles, global commerce would benefit greatly, the chamber said in a news release.

The Chamber of Commerce, which represents 3 million companies and organizations, is the world's largest business federation.