European Commissioner for Trade, Karel De Gucht spoke today at the Committee on International Trade (INTA) of the European Parliament about the bilateral trade negotiations soon to be launched between the European Union and the United States. The 'Transatlantic Trade and Investment Partnership (TTIP)' will benefit both parties by boosting jobs and growth on both sides of the Atlantic.
As Commissioner De Gucht stated: “A future deal between the world's two most important economic powers will be a game-changer. Together, we will form the largest free trade zone in the world. This deal will set the standard – not only for our future bilateral trade and investment but also for the development of global rules.”
Commissioner De Gucht also stressed that according to estimations, this agreement will boost the EU's GDP by 0.5%, which translates into tens of billions of euros every year.
In addition, following extensive talks to decide on negotiations including tariffs, regulatory issues, investment, intellectual property rights etc., it was decided that a comprehensive agreement that addresses a broad range of bilateral trade and investment issues, including regulatory issues, and contributes to the development of global rules, would provide the most significant mutual benefit.
He also added that Presidents Barroso, Van Rompuy and Obama have endorsed this proposal and asked each side to initiate the internal procedures necessary to launch negotiations. Consequently, the Commission intends to submit draft negotiating directives to the Council in March.
Finally, Commissioner De Gucht highlighted that the EU has to dismantle any remaining traditional tariffs, to make head-way on market access issues in other areas such as public procurement, services and investment and to promote cooperation for the development of global rules and standards which will shape the future business environment of the world.