The European Union and the United States have the largest bilateral trade relationship in the world, accounting for half of global economic output and close to $4 trillion in trade. Integrating the two economies with a pact would promote growth and jobs on both sides of the Atlantic; reviving growth and creating jobs in the face of competition from China and other emerging markets.
Following President Obama’s endorsement in his latest State of the Union Address, it was announced last Wednesday that each country will initiate the internal procedures necessary to begin negotiations on a Transatlantic Trade and Investment Partnership. A joint statement from both countries vowed to complete talks on a new trade agreement within two years, as outlining an ambitious timeline for a project which coincides with the end of the current European Commission’s team.
The pact aims to not only to eliminate import duties and tariffs that currently exist between the U.S. and EU, but also to reshape global regulations governing products like cars, pharmaceuticals and medical devices. The goal is to set the global standard for product safety and protection of intellectual property. The U.S. Chamber of Commerce has estimated that eliminating trans-Atlantic tariffs would boost trade between the U.S. and E.U. (now worth about $1 trillion) by more than $120 billion within five years.
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