The first meeting of the EU-US Transatlantic Economic Council takes place in Washington DC on 9 November 2007. During this meeting, the European Union and the United States intend to agree upon common standards for trading biofuels with a view to increasing EU-US trade and investment. The Council aims to harmonise standards and reduce obstacles to business cooperation in areas varying from intellectual property rights to accounting and financial markets. The biofuels agreement is principally concerned with opening the European market for jatropha, a shrub found in tropical and subtropical climates that some producers claim to be one of the world’s most suitable biodiesel crops. Under a 2003 EU Directive, 5.75 per cent of transport fuel, excluding aviation fuel, must come from biofuels by 2010, a target which is due to rise to 10 per cent by 2020.