Manufacturers Outline Goals for Successful EU Trade Agreement Negotiations
Urge Administration and Congress to Renew Trade Promotion Authority
National Association of Manufacturers (NAM) President and CEO Jay Timmons sent a letter today to President Obama outlining goals for negotiations of the trade agreement with the European Union (EU) to make manufacturers in the United States more globally competitive and create jobs. Manufacturers have long supported formal negotiations with the EU on an agreement that will lower tariff and regulatory barriers and costs of transatlantic trade. In addition, manufacturers are urging the Administration and Congress to work together to renew Trade Promotion Authority for the President.
“A successful trade agreement with the EU will level the playing field so manufacturers in the United States can increase exports and sales,” said NAM International Economic Policy Committee Chairman, Executive Committee Member and Ball Corporation Chairman David Hoover. “U.S. export growth slowed over the past year, and the answer is access to new markets and removing trade barriers. Trade agreements have a proven track record of success, as exports to just our 20 free trade agreement partners accounted for nearly half of U.S.-manufactured goods exports last year.”
The key objectives of the negotiations should include removing regulatory, tariff and other barriers to trade and investment between the EU and the United States and setting forth strong principles that will set the global standard. Duplicative and differing regulations alone represent a substantial and costly limit to greater market access in the EU and the United States.
“A comprehensive trade agreement between the United States and EU would be very beneficial to manufacturers in creating additional opportunities and further developing the economic relationship between the world’s largest trading partners,” said NAM U.S.-EU Task Force Chairman and 3M International Trade and Government Affairs Counsel Greg Walters. “An ambitious agreement will drive economic growth, lower existing barriers and serve as a model for the rest of the globe to follow.”
“If we want to experience real growth and economic security, we have to give manufacturers the tools needed to compete and reach consumers outside of the United States, which account for 95 percent of the world’s marketplace,” said Timmons. “We want to work with the President and Congress toward an EU agreement that reduces barriers and costs while not imposing burdensome new labor, privacy, environmental or other standards that could hamstring our competitiveness. To successfully complete this negotiation and others, leaders in Washington must also move forward with renewing Trade Promotion Authority as soon as possible.”