EU Trade Commissioner Karel De Gucht in New York City discussed the Transatlantic Trade and Investment Partnership. In his speech to the European American Chamber of Commerce, he stressed that removing transatlantic trade barriers will deliver major benefits to the European Union and the United States, boosting economic growth and stimulating business confidence.
Noting that uncertainty about the economic future has held companies back from investment decisions, he also pointed out that an agreement would send a powerful signal that open markets are essential for growth. “A successful Transatlantic Trade and Investment Partnership would remove one source of that uncertainty – the risk that the world’s leading economies would respond to the crisis with protectionism.”
Commissioner De Gucht highlighted that an agreement would not discriminate against any other trading partners, but rather positively impact on the rest of the world. “At a very simple level, we predict that our trading partners are likely to see direct economic benefits from this deal, probably somewhere in the region of 99 billion euro,” he said. Furthermore, it “will be a way for the EU and the U.S. to lead by example, demonstrating the benefits of stronger rules to implement the principle of open markets, rules that will benefit all countries in the ever-more-integrated global economy.”
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