Washington DC – The National Foreign Trade Council (NFTC) today joined with other business organizations in launching the Business Coalition for Transatlantic Trade (BCTT) at an event today on Capitol Hill. The NFTC, a leading member of the coalition, released the following statement.
“We are encouraged by the significant support Members of Congress have shown for a comprehensive transatlantic trade and investment agreement. The longstanding U.S.-EU commercial relationship is critical, and an agreement will only further strengthen transatlantic ties, boost economic growth and increase U.S. jobs and exports.
“There is momentum building both here in the United States and the EU for robust dialogue on how best to enhance our commercial relations through this agreement, and we are hopeful for an ambitious conclusion to the negotiations. On behalf of our members, and as a member of the Business Coalition for Transatlantic Trade, we look forward to working with both the Administration and Congress in the coming months to advance the transatlantic economic partnership.”
According to the Office of the U.S. Trade Representative, last year the U.S.-EU economic relationship generated an estimated $2.7 billion in goods and services trade daily, and was directly responsible for more than six million jobs, as of 2010. In terms of investment, in 2011, foreign direct investment between the EU and the United States totaled an estimated $3.7 trillion.