The successful conclusion of the US-EU Agreement on Science and Technology Cooperation offers the prospect of a new chapter in transatlantic cooperation. As with any international agreement in science and technology, the accord's full potential will be realized only if it can encourage mutually beneficial cooperation. With this in mind, responsible officials of the European Union (EU) and the U.S. government contacted the National Research Council's Board on Science, Technology, and Economic Policy (STEP) to discuss how this negotiating success might be publicized and productively exploited. It was agreed that the STEP Board should organize a conference to celebrate the accord, inform the U.S. and European research communities of the agreement, and explore specific opportunities for enhanced cooperation. At the same time, the conference would provide the occasion to review existing and evolving areas of transatlantic cooperation in science and technology from the perception of the United States, the European Commission, and the member states of the European Union.