Presentation given by OECD Chief Economist Jean-Philippe Cotis to the US State Department in Washington D.C. on 27 October 2005 on the transatlantic relationship (US and EU), mutual benefits, and costs of continued barriers. The presentation focuses specifically on an evaluation of the macroeconomic benefits that would arise from a large reduction of barriers still inhibiting trade, foreign direct investment and product market entry in the US and EU (EU15).