Acea is among a list of European industrial, trade and business associations reiterating their strong support for the ongoing negotiations for a Transatlantic Trade and Investment Partnership (TTIP) between the US and EU.
Both the European Commission and the US Trade Representative have underlined that the TTIP negotiations remain on track and that intensive efforts are ongoing to conclude an ambitious agreement. Business groups on both sides of the Atlantic remain ready and willing to engage with all stakeholders to support these efforts, a collective statement from the trade associations said.
It has been clear since the beginning of the negotiations that an ambitious and comprehensive agreement between the world’s two largest economies will not be easy to achieve. Recent headlines have suggested that the long negotiations require more work to result in a finalised agreement. Strong political commitment from the EU and US governments is necessary to deliver an agreement that boosts growth, competitiveness and jobs on both sides of the Atlantic, teh statement noted, adding that “continued and vocal support by EU and US political leaders is critical”.
A robust TTIP agreement could “catalyse investment as well as trade in goods and services between the EU and US markets,” it said. Businesses of all sizes, above all small companies, as well as workers, consumers, and citizens in both the EU and the US could benefit, the statement claims. TTIP “also provides a timely opportunity for the EU and US to set the rules for trade and investment that could serve as a benchmark for the world”. This “once-in-a-generation opportunity must not be missed,” the statement concluded.
In the automotive sector, proponents of the TTIP deal believe that it would produce significant efficiency gains for automotive companies who would benefit from greater scale and harmonised product and specification standards applying across the two regions.
- American Chamber of Commerce to the EU (AmCham EU)
- European Apparel and Textile Confederation (EURATEX)
- European Automobile Manufacturers’ Association (ACEA)
- European Banking Federation (EBF)
- European Chemical Industry Council (CEFIC)
- European Federation of Pharmaceutical Industries and Associations (EFPIA)
- European Round Table of Industrialists (ERT)
- European Services Forum (ESF)
- European Small Business Alliance (ESBA)
- Foreign Trade Association (FTA)
- Medicines for Europe
- MedTech Europe
- Trans-Atlantic Business Council (TABC)