…AND THREE ISSUES THAT MUST BE RESOLVED
- 15 million jobs are already dependent on transatlantic trade and investment , and eliminating the remaining barriers to trade and investment could increase that number of jobs and could be worth at least 200 billion euros in additional business
- Negotiating such an agreement could be a lever for removing remaining inefficiencies on both sides of the Atlantic and help both the EU and the US to compete better on world markets.
- It would help restore global economic confidence after the recent failure of the WTO Doha trade round negotiations
- It would prevent the US shifting all its economic energies towards the Pacific Basin, where it is already negotiating a comprehensive agreement
- A completed EU/US Trade Agreement would anchor the UK more firmly in the EU, because of the advantages it would bring, and counter the trend towards the UK leaving the EU altogether, which is gathering strength
1. While industrial tariffs between the US and the EU are quite low and could be eliminated without too much resistance by protectionist interests, the same cannot be said for Agriculture, where the US is increasingly protectionist, and the EU has a Common Agricultural Policy which would be a barrier to some US food exports to Europe
2. There are significant regulatory barriers to trade and investment. For example, the US protects its domestic airlines from European competition, insists that its government entities buy only US goods and services, and has different views and rules on hormones and GMOs in food products, and on data privacy, to those in Europe
3. Any Agreement we negotiate should be open to others, for example to Mexico, Canada, Latin America and Africa so that it can evolve in into something that covers the whole Atlantic basin, South as well as North. Seven of the ten fastest growing economies in the world today are in Africa. It also should be compatible with the WTO.