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Opening the doors to transatlantic trade
Story Date: 4/22/2013
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Source: EU NEWSBRIEF, 4/19/13
Speaking at a conference organized by the U.S. Embassy in Dublin, Ireland, European Union Trade Commissioner Karel De Gucht pointed out that the Transatlantic Trade and Investment Partnership is a cost-effective stimulus package, providing a growth boost to the transatlantic economy as well as ensuring that neither the U.S. nor the EU would slide back into protectionism as it would make clear that both "are willing to put their beliefs into practice by opening their markets even further."
Commissioner De Gucht also stressed the positive impact of a deal on the rest of the world. "At the most basic 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. This is because much of the liberalization we aim for would not discriminate against our other trading partners but rather benefit them too. Beyond this however, is a larger possibility that this agreement will contribute to global trade liberalization by acting as a trade policy laboratory."
Commissioner De Gucht said "this agreement 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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