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ECONOMIC BENEFITS OF A COMPREHENSIVE TRANSATLANTIC TRADE AND INVESTMENT AGREEMENT
The United States and European Union (EU) have by far the largest economic relationship in the world. The EU economy is just bigger than that of the U.S., with both generating over $15.6 trillion in GDP; together, we generate half the world’s output. And because our ties are based on investment (over $4 trillion both ways) rather than trade, we have a total commercial relationship worth over $5 trillion – over $1 trillion in trade, nearly $280 billion in bilateral investment flows, and over $4 trillion in sales by our foreign investments.
Indeed, right now, every state – and virtually every Congressional district – has some trade with the EU, whether a soy farmer in Iowa, an almond grower in California, or an auto-parts manufacturer selling to BMW’s factory in South Carolina.
Yet in today’s economic climate, we can and must do better.
This is why the Business Coalition for Transatlantic Trade is dedicated to realizing an ambitious comprehensive trade and investment agreement between the United States and the European Union to promote competitiveness, growth and jobs in our two economies. continue reading
The agreement between the US and Europe should be concluded before the end of 2015, and should:
- Eliminate tariffs and other border obstacles to trade in goods
- Liberalize trade in services, including the data flows that underlie them
- Expand and protect investment
- Open government procurement markets
- Stimulate innovation and protect intellectual property
- Enhance capital markets
- Facilitate the movement of people, and Promote regulatory cooperation.
11 months ago