In September 2013, Thom Dammrich, president of the National Marine Manufacturers Association, and Robert Marx, president of European Boating Industry, signed a declaration stating their mutual intention to reduce and eliminate unnecessary regulatory costs and unjustified regulatory differences between the EU and the U.S. in the boating industry. Signed during EU-U.S. trade negotiations launched in July 2013 under the name of Transatlantic Trade & Investment Partnership (TTIP), the agreement could become a significant milestone for improving and simplifying trade conditions between the U.S. and Europe for thousands of small and medium-sized companies in the boating industry, both men believe.