The European Union is growing in importance as an international player on a wide range of issues from security and foreign affairs to trade, monetary and social policy. The United States continues to rely on the EU as a partner for sharing the burden of world leadership. But nowhere is the importance of the transatlantic relationship as clearly defined as it is in the economic sector. The United States and Europe remain by far each other's most important commercial partners. The transatlantic economy generates roughly $2.5 trillion in total commercial sales a year and employs over 12 million workers. Europe is the most important commercial market in the world for corporate America. In 2003, corporate America pumped nearly $87 billion in foreign direct investment into Europe. Europe's investment stakes in the U.S. exceeded $1 trillion in 2002. In 2003 total transatlantic trade in goods grew to $395 billion. California alone exported $20 billion in goods to Europe in 2003 and Texas ranked as the top U.S. state for European investment. In fact, there is more European investment in Texas alone as all U.S. investment in Japan and China combined. Despite these continued and important transatlantic ties, the EU remain little understood in the United States. Therefore, the challenge facing policymakers in the United States is how to work with the EU in a positive, results-oriented partnership, which will help strengthen the overall state of transatlantic relations. In this respect, there is a particular need within the U.S. Congress for deeper understanding of the European Union, its institutions and its relationship with the U.S. Yet there is no single or simple framework which would enable Members of Congress to meet and discuss issues involving the European Union and the impact of those issues on the United States. Consequently, several Members of the House of Representatives believe the creation of a Caucus on the European Union could provide that venue for receiving briefings from, or holding meetings with, representatives of the U.S. government, the institutions of the European Union, local experts on EU affairs and visitors from Europe, for the purpose of generating new thinking about the transatlantic partnership and for strengthening Congressional capacity on the European Union. The Caucus of the European Union will function as an informal organization of over 25 Members who will meet as necessary to discuss U.S.-EU relations and other transatlantic interests of the membership. | 
