President’s Decision to Negotiate Transatlantic Trade Deal is Huge Step in the Right Direction for U.S. Competitiveness
February 15, 2013
FOR IMMEDIATE RELEASE
Vice President, Communications
Council on Competitiveness
Washington, D.C. –Council on Competitiveness President & CEO, Deborah L. Wince Smith, issued the following statement in reaction to the President’s announcement to launch Transatlantic Trade and Investment Partnership negotiations with the European Union (EU).
“We are pleased to see the President recognizes the benefit the Transatlantic Trade and Investment Partnership would bring to the United States in terms of significant job growth and promoting U.S. competitiveness. Given that the EU is the world’s largest economy and trading partner with the U.S.—accounting for one third of total goods and services trade and nearly half of global economic output, a deal of this nature will offer a massive boon for the U.S. economy.”
“The Council has been a leader when it comes to advocating for the negotiation of the Transatlantic Trade and Investment partnership – as well as calling for the launch of trade liberalization negotiations with a host of other countries including Brazil, China and India. All would aid in growing high-value investment and increasing of U.S. exports. Yet, for fair and open trade to work, the U.S. must address the market distorting and mercantilist policies employed by other economies to ensure that American workers can compete on a level playing field.”
Important facts to note:
- In 2012, U.S. exports to the EU accounted for 21 percent of overall U.S. goods and services exports. U.S. imports from the EU accounted for 19 percent of overall U.S. goods and services imports.
- In 2011, the stock of U.S. foreign direct investment (FDI) in the EU totaled $2.1 trillion, and the stock of EU FDI in the United States was worth $1.6 trillion that year.
- The potential for impact of the Transatlantic Trade and Investment Partnership is immense, with the overall transatlantic workforce (direct and indirect) estimated at 15 million workers, split almost evenly between the two partners.
- Despite the successful nature of the U.S.-EU trade and investment relationship, U.S. exporters face persistent barriers to entering, maintaining or expanding their presence in certain sectors of the EU market. This new partnership would alleviate many of these impediments, and drastically increase trade and investment on both sides of the Atlantic.
ABOUT THE COUNCIL ON COMPETITIVENESS
The Council on Competitiveness is the only group of corporate CEOs, university presidents and labor leaders committed to the future prosperity of all Americans and enhanced U.S. competitiveness in the global economy through the creation of high-value economic activity in the United States. The Council is a non-partisan and non-governmental organization.
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