FACTBOX-EU, U.S. meet to cut transatlantic red tape

May 13 (Reuters) - The Transatlantic Economic Council held its second meeting in Brussels on Tuesday, making a breakthrough by nearing a resolution on a decade-long ban on U.S. poultry imports that has dogged EU-U.S. relations.

The TEC is made up of senior European Union and U.S. politicians. It aims to cut transatlantic red tape and make it cheaper to do business between the EU and the United States, already the world's biggest bilateral trade link.

European employers lobby BusinessEurope estimates that items on the agenda amount to $10 billion in savings if adopted.

The TEC agreed the following:

POULTRY

-- The European Commission will propose to lift an 11-year-old ban on U.S. chicken imports so shipments can restart by October when the TEC next meets.

U.S. producers use a chlorine wash on chickens, a practice banned in the EU. The United States sees resolving the issue as a test case for EU political commitment to the TEC.