EU and U.S. will set up a transatlantic economic council at their coming summit, a move to bring the world's two largest economies towards a common market.

According to the press briefings made by both sides, economic issues will top the agenda when leaders from the EU and the United States kick off their annual gathering next Monday in Washington.

The establishment of a transatlantic economic council is among the proposals to be adopted at the summit, which will serve as a political platform to coordinate the work of business and economic organizations already in existence.

Aiming to dismantle obstacles to economic relations, the EU and the United States have already worked on their economic integration, notably through sector-to-sector dialogues.

However, the overall progress has been limited due to lack of political visibility and strong commitment from both sides, said German diplomats, whose country is holding the EU presidency.

So the transatlantic economic council will be a high-level one. According to some media reports, EU industry commissioner Guenter Verheugen has been tipped to co-chair the council together with a U.S. counterpart of cabinet level.