Skip to comments.Closing the European Trade Barrier Gaps
Posted on 05/07/2014 6:55:20 AM PDT by Vigilanteman
With $1 trillion in trade taking place between the U.S. and the 27 nations comprising the European Union (EU), the potential impact of a new transatlantic trade pact is truly significant.
The combined population of 800 million generates almost half of the worlds gross domestic product and represents 40 percent of global trade.
But while negotiators for the Transatlantic Trade and Investment Partnership (TTIP) have yet to iron out a deal, savvy U.S. shippers have begun to vet logistics providers and EU supply chain networks to take advantage of expected changes in market access, regulatory aspects, and rules.
The biggest transatlantic trade bonanza lies in reduction of non-tariff barriers, says Ann Bruno, vice president of international operations of ICAT Logistics. If TTIP negotiators succeed in eliminating only half of the non-tariff barriers, the GDPs of both the U.S. and the EU will increase by 3 percent.
Fortunately, adds Bruno, railroads, shipping lines, air freight companies and ports will have plenty of time to prepare for the coming TTIP-ing point in transatlantic trade.
(Excerpt) Read more at supplychain247.com ...
“27 nations comprising the European Union (EU)”
It’s 28 after Croatia joined last year.