The annual EU-USA Summit – the first major Third Country Meeting during Germany's Presidency – took place in Washington on 30 April. The meeting focused on strengthening transatlantic economic integration, the main theme were the harmonization of the two economic areas' regulations and standards. A framework agreement was signed on this issue. In addition, regional crises were discussed (among others Kosovo and Afghanistan) and a joint statement on energy and climate protection was signed.

A new Transatlantic Economic Council is designed to give EU-US economic relations new impulses and to advance the harmonization of standards. In the margins of the Summit the EU-US Air Transport Agreement, which envisages the mutual opening up of airspace, has been formally signed by the transport ministers and the responsible Commission Vice-President, Jacques Barrot.

In 2005 transatlantic economic cooperation received new impetus through the launch of the "EU-US Initiative to Enhance Transatlantic Economic Integration and Growth". This initiative aims to improve transatlantic economic relations in stages. A concrete work programme was adopted by the EU and US economics ministers in November 2005.