Skip to comments.Transatlantic trade deal on the horizon?
Posted on 03/24/2012 7:54:39 PM PDT by Olog-hai
As pressure on the eurozone eases, Europe and the United States are becoming increasingly convinced that they need to strengthen their partnership in order to maintain a leading competitive edge in the global economy.
The old boys need to say clearly that they are still in business, said EU Ambassador to Washington João Vale de Almeida, speaking at an event organized by the American Chamber of Commerce to the EU (AmCham EU).
The state of the transatlantic economy has suffered the blow of the euro crisis but remains the largest and wealthiest in the world, with over 50% of world GDP in terms of value and 41% in terms of purchasing power, according to a report released yesterday (22 March).
According to the report, the transatlantic economy generates close to 3.8 trillion ($5 trillion) in commercial sales a year and employs up to 15 million workers in mutually on-shored jobs on both sides of the Atlantic.
Ties are particularly strong in foreign direct investment: US FDI to Europe in 2011 topped $200 billion (152 billion) for only the second time on record. By contrast, US firms invested $40 billion in China between 2000 and 2011, putting China 14th as a destination of US FDI behind Belgium, France, Germany, Switzerland, Ireland, Britain and the Netherlands.
There is growing momentum to upgrade the partnership with a comprehensive free-trade agreement. EU and US businesses are bullish on the prospect of reaching a deal within two years. EU trade Commissioner Karel De Gucht said an agreement could be reached before the end of 2013.
We should be prepared to eliminate all tariffs affecting transatlantic trade, De Gucht said. Tariffs are important but they are much less important than regulatory obstacles to trade and services."
(Excerpt) Read more at euractiv.com ...
US companies favor a legal pact that would become the template for the next generation of economic and trade accords. This new instrumenta Transatlantic Economic Growth Agreement (TEGA)should be as broad as possible, with a focus on issues that provide the most potential benefit to US and EU companies, farmers, workers and consumers.All to advance leftist globalist policies that the EU favors.
Together we will be able to set the standards and the rules of the global economy, said Vale de Almeida, hinting at electric cars, nanotechnology and leveraging the digital economy. Also included could be the management of global financial and trading systems, energy security and climate change.
What about the trade agreements with Columbia and Canada? Are they not good?
Do I really need a /sarc?
So, Europe can throw us an achor?