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20 Bus. Law. 417 (1964-1965)
Regulation of American Business Activity in the Common Market

handle is hein.journals/busl20 and id is 427 raw text is: January 1965 REGULATION OF AMERICAN BUSINESS ACTIVITY IN THE COMMON MARKET By ANDRE W. G. NEWBURG* New York City Introduction In the present transition period of the European Economic Com- munity, the regulation of business activity in the Common Market is still largely within the jurisdiction of the various member states, as distinguished from the Community institutions, and the policies, laws and regulations affecting foreign investment and business con- tinue to differ in important respects from country to country. Except in the field of agriculture, where impressive progress towards the development of a unified Community policy has been made, the efforts of the Community institutions during these first seven years after their establishment have been directed primarily to the Rome Treaty's immediate, but by no means sole or ultimate, objective of creating a customs union. The Community has made strikingly rapid progress towards this goal. Intra-Community tariffs on industrial products have now been reduced generally to 40% of the levels where they were when the Common Market was created in 1958. Under acceleration decisions which substantially advanced the timetable of the Rome Treaty, furthei 10o cuts are now scheduled for the end of 1964 and the end of 1965. Earlier this month the E. E. C. Commission recommended to the Council of Ministers that the final 40% adjustment towards the common ex- ternal tariff be made on January 1, 1966 and that all intra-Com- munity tariffs on industrial products be eliminated by January 1, 1967. If this proposal is adopted by the Council, the full customs union would be brought into being some three years before the date originally envisaged by the Rome Treaty. The ultimate objective of the Rome Treaty is, however, much more far-reaching than the creation of a customs union; it is the full integration of the economies of the six member states, or, as the Commission has stated, a political union in the economic and social fields.1 While work towards this goal is in a preliminary stage, it is clear that if it is to be reached the necessary adjustments in the economic policies of the member states will have significant effects on the present conditions of doing business in the Common Market. The purpose of this paper is to survey some of the present national *Member of the New York Bar. From a paper delivered at the Third Annual Corporate Counsel Institute at the Northwestern University School of Law on October 16, 1964. 1. Memorandum of the Commission on the Acilon Program of the Com- munity during the Second Stage, par. 1 (Brussels, Oct 24, 1962).

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