Partner Article

Transatlantic trade partnership could contribute €120 billion a year says CBI

A Transatlantic Trade and Investment Partnership could contribute €120 billion to the EU economy every year according to the CBI.

The CBI hosted talks in Brussels with European political leaders this week, including the Prime Minister David Cameron, European business groups and international companies on the importance of securing the Transatlantic Trade and Investment Partnership (TTIP).

They were joined by Prime Ministers Thorning-Schmidt of Denmark, Stubb of Finland, Renzi of Italy, Straujuma of Latvia, Kopacz of Poland, and Rajoy of Spain.

As the European Council begins, the CBI, the UK’s leading business group, is urging European national governments to deliver an ambitious agreement that could create thousands of jobs across the Continent.

It is doing so in conjunction with its sister business federations in Germany, Italy, Spain, France, Sweden, Denmark, Finland and Latvia.

John Cridland, CBI director-general, said: “Our message to the seven European leaders who attended our roundtable and to political leaders across the EU is that Europe’s business community is united in its belief that this deal is crucial to the future growth and prosperity of citizens across the EU.

“It could create thousands of new opportunities for our young people at a time when youth unemployment across the Continent remains startlingly high.

“A Transatlantic Trade & Investment Partnership (TTIP) could be worth up to €120 billion to the EU every year - quite simply, it would be the biggest trade deal ever signed. As European politicians gather to drive through Commission President Juncker’s €315 billion investment package, they cannot ignore the significant contribution to jobs and growth that TTIP could also deliver.

“It would create an integrated market of over 800 million people, bringing more choices for consumers at cheaper prices. And with the UK already trading more and investing more with the US than any other country, there are real advantages to drive home particularly for smaller firms.”

Dr Markus Kerber, director-general Federation of German Industries, said: “TTIP is a great opportunity to strengthen the European economy for the years to come. A TTIP that is guided by high standards will provide a sustainable stimulus for jobs and growth, and it will allow us to develop rules for global trade and investment. We expect political leaders and negotiators to make significant progress in 2015 on the road to an ambitious agreement.”

Juergen Maier, chief executive Siemens plc, said: “TTIP is vital to boost jobs and growth on both sides of the Atlantic. For high-value manufacturers TTIP is an opportunity through greater efficiency, more open competition and lower costs, to make EU member states, including the UK, more attractive locations for factories, close to R&D and to customers.”

This was posted in Bdaily's Members' News section by Clare Burnett .