FACTBOX: Highlights of EU-U.S. economic partnership

WASHINGTON (Reuters) - The United States and European Union will agree at a summit on Monday to work toward removing non-tariff barriers to trans-Atlantic business. Below are highlights of a draft version of the agreement:

The partners agreed to deliver results in the following areas within 6-8 months:

* Intellectual property through the harmonization of patent rights.

* Adopting common standards on secure trade, for example the handling of goods through ports.

* Mutual recognition of accounting systems by 2009 or earlier if possible.

* Innovation and technology.

* Action plan on cooperation in bioproducts such as biofuel and bioethanol.

* Establishing a regular dialogue on the removal of investment restrictions.

* Establishment of a transatlantic economic council.

* Led by EU Industry Commissioner Guenter Verheugen and White House economic adviser Allan Hubbard.

* The council will monitor progress twice a year, meet at least once a year and submit annual progress reports to EU and U.S. leaders.

Areas identified for harmonizing regulations:

* Cosmetics

* Medical products and medicines

* Automobiles

* Electrical products