Exchange rate fluctuations, fear of legal action and customs procedures are considered three of the main obstacles for European companies doing business in the US, according to a new survey.
Their counterparts in the US felt EU regulations, technical standards and certifications, and exchange rate fluctuations were the main obstacles to doing business in Europe.
The survey was the first of what will be a series to be carried out by the US Chamber of Commerce and Eurochambres, the association of European chambers of commerce.
The survey, though not a scientific statistical sample, was conducted to gauge business opinion on transatlantic trade. It found that overall there was a significant level of similarity between the answers given by businesses on both sides of the Atlantic.
Other issues for European firms doing business in the US were: technical standards and certification; lack of information; and state and regional aid.
For the US firms obstacles to trade in Europe were: regional and local rules/procedures; state and regional aids; quality control/consumer protection; and ability to find partners.
Approximately 40 per cent of European respondents felt the US had gone too far in terms of introducing new customs measures in the wake of the September 11th attacks.
The US Chamber said the issue of legal actions against businesses in the US was a concern for US firms as well as for European ones and that one of its priorities is to achieve change in the area.
More that 70 per cent of the European companies surveyed felt their business with the US would increase or increase substantially in the coming five years.
More than half of the US companies surveyed had a similar view towards their trade with Europe.
Approximately 30 per cent of US companies and 10 per cent of European companies felt their level of trade and investment would remain at current levels.
More than two-thirds of the European respondents viewed the US as a single market with the remainder viewing it at least partly as separate states requiring individual market entry procedures.
Almost half of the US respondents (47 per cent) perceived Europe as one integrated single market, while 21 per cent viewed it as separate markets needing individual market entry procedures.
Asked to rank various global regions in terms of trade and investment, 42 per cent of European respondents put central/eastern Europe and Russia as the most important, with the US coming second at 35 per cent.
A majority of US firms that do business with Europe want to see their government negotiate some sort of trade or investment agreement with the EU. On the EU side, a large number of companies said they would like to see freer or free EU-US trade.
