The European Commission and the U.S. government will from now on be able to exchange confidential information about the safety of cosmetics and medical devices. Today, the European Commission and U.S. Food and Drug Administration agreed confidentiality arrangements at a bilateral meeting in Brussels, enabling better health protection and easier trade between EU and U.S. Closer economic cooperation is the main aim of the new Transatlantic Economic Council (TEC), launched last week in Berlin. The TEC's work programme covers cooperation initiatives to harmonize standards and improve trade in the areas of Regulatory Cooperation, Intellectual Property Rights, Secure Trade, Financial Markets, Innovation and Technology and Investment.
Advance drafts of legislation and/or regulatory guidance documents.
Post-marketing data and information that could have an impact on the public health, such as vigilance data or information about impending regulatory actions.
Information on ongoing and emerging regulatory issues of health and safety in the U.S. or the EU.
The trade relationship between the U.S. and the EU in the field of cosmetics and medical devices is strong: Around 7% of all cosmetic products in the U.S. are imported from the EU, which amounts to a trade volume of almost 3 billion EUR per year. U.S.-exports of cosmetics to the EU amount to approx 1.5 billion EUR. The bilateral trade volume in medical devices is balanced, with each trading partner exporting about 6.5 billion EUR to the other on an annual basis.