The US and EU have reportedly agreed to the terms of a transatlantic economic pact that would promote EU-US economic collaboration, with the ultimate goal of creating a transatlantic market without borders. According to media reports, the pact would harmonise key regulatory areas, including intellectual property rights, environmental issues, technical standards and trade security. To effect these objectives, the pact reportedly envisages the creation of common regulatory norms in certain industries, and the creation of new posts focused on transatlantic trade. While the EU Presidency reportedly wants the pact to take effect by 2015, it is expected that certain areas, such as environmental protection and energy, may prove difficult to harmonise. The pact is expected to be signed at the EU-US summit on 30 April 2007.