On October 8th 2013, Senior Adviser Carsten Dannöhl spoke at the EU-US workshop on SMEs in the framework of the Transatlantic Economic Council. He argued that the chapter on regulatory cooperation in the Transatlantic Trade and Investment Partnership will play a crucial role in enabling enterprises to gain entry to the US market. Today, EU exports to the US in the machinery sector - mainly comprised of small firms - face non-tariff barriers that increase costs by an estimated 46%. A strong regulatory chapter of TTIP would be a genuine achievement for business. This would significantly reduce regulatory compliance burdens for small firms and improve time to market for new products. This is why BusinessEurope calls for an ambitious chapter on regulatory convergence in TTIP, both at horizontal and at sectoral level.