“We applaud the Administration for working together with EU leaders to formally launch trade negotiations, which have the potential to advance and further strengthen our trade and investment ties,” said NFTC President Bill Reinsch. “The transatlantic commercial relationship is already the most economically significant and integrated in the world, and a comprehensive agreement would help to ensure the growth of U.S. goods and services exports, as well as the creation of American jobs.”
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.
“Although both sides acknowledge the great potential and importance of this agreement, the issues that divide us are not new. Particularly with respect to standards and regulations, past efforts to harmonize our differences have not been successful,” Reinsch continued. “However, this new attempt reflects the realization that together the EU and United States can best meet the new competitive challenges in the trading system by working together. Hopefully that will provide the momentum to successfully conclude this effort.”
“Given the significance and scope of the U.S.-EU economic relationship, as well as the substantive issues to be addressed, these negotiations will be complex, and we urge the negotiators to work toward an agreement that will lead to expanded market access and increased regulatory compatibility,” said NFTC Vice President for Regional Trade Initiatives Chuck Dittrich. “If these goals are achieved, the agreement will lead to increased economic growth on both sides of the Atlantic. We encourage the negotiators to work toward an ambitious agreement.”