A bold trade deal to eliminate tariffs, create free trade in services and a single investment area, open up public procurement markets, and align regulatory approaches would provide an important impetus to the jobs and growth that both sides need to emerge on a sustainable footing from the global economic crisis.
During his June 19 press conference at the G20 summit in Los Cabos, Mexico, President Obama highlighted efforts in the transatlantic sphere as part of his broader approach to use trade policy to improve the U.S. economic position. President Obama declared: “Today, the United States and the European Union agreed to take the next step in our work towards the possible launching of negotiations on an agreement to strengthen our already very deep trade and investment partnership.” The President was referring to the Interim Report issued that day by the U.S.-EU High-Level Working Group on Jobs and Growth, which was tasked by President Obama and European leaders last November to develop a new direction for the transatlantic economic relationship.
Commenting on President Obama remarks and the positive interim report, Peter Rashish, the Chamber’s Vice President for Europe and Eurasia, told Bloomberg News, “there is increased momentum behind the idea of launching ambitious transatlantic trade talks…There may need to be work on certain agricultural and regulatory issues before the talks can get underway, but I’m confident that the two sides will bridge those divides.”
Earlier this year, Senators John Kerry and Rob Portman, and Congressmen Erik Paulsen and Richard Neal championed bi-partisan Senate and House letters to President Obama in support of a transatlantic trade deal.
Source: US Chamber of Commerce
Published: July 1, 2022