BERLIN, April 21: The European Union and the United States have approved a plan to bolster the transatlantic economic partnership, to be signed at the next EU-US summit.

According to German magazine Der Spiegel, the accord has been agreed by German Chancellor Angela Merkel, as holder of the EU presidency, US President George W. Bush and European Commission president Jose Manuel Barroso.

They have agreed to “extensive economic collaboration between the EU and United States,” and the draft accord is due to be signed in Washington at the end of the month.

According to Der Spiegel, the plan notably says: “We are aiming for a transatlantic market without barriers.” The partnership includes common norms and standards for industrial companies and financial service providers. Balance-sheet directives would be recognised on both sides of the Atlantic in 2008, it said.

That would also be the case for admission procedures in the pharmaceutical and chemical industries, as well as for cosmetics sector and automobile parts, it added.

And it foresees creation of a forum on energy technologies to formulate recommendations. Both the American administration and the European Commission are also each expected to create a post to deal with transatlantic trade issues.

Questioned by AFP, a German government spokesman said he was unable to deny or confirm the Spiegel article.

However, he said: “We are confident that Mrs Merkel, Mr Barroso and Mr Bush will adopt an ambitious accord to deepen economic transatlantic relations during the American-European summit.”

Bush is due to host the annual summit between the United States and the European Union on April 30.—AFP