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U.S., EU to jointly boost jobs, growth (2)

(Xinhua)

15:17, November 29, 2011

The group will examine options in areas including conventional barriers to trade in goods, such as tariffs and tariff-rate quotas; opportunities for enhancing the compatibility of regulations and standards; and enhanced cooperation for the development of rules and principles on global issues of common concern.

The group is expected to work on a range of possible initiatives, from enhanced regulatory cooperation to negotiation of one or more bilateral trade agreements addressing the above- mentioned issues.

The two sides will issue a report with findings, conclusions and recommendations to the leaders by the end of 2012.

U.S. President Barack Obama hosted European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, and High Representative for Foreign Policy Catherine Ashton at the White House for the U.S.-EU summit.

The summit focused on global economy, which is considered to have entered "a new and difficult phase" with risk of a double recession under the shadow of the ongoing financial crisis in Europe.

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