Chamber President Presses for Eased Tariffs in U.S.-EU Trade
A new U.S.-EU trade pact to eliminate tariffs, converge regulations, and expand trade and investment would be the single most important step the transatlantic countries could take to spur growth and jobs on both sides of the Atlantic, said U.S. Chamber of Commerce President Thomas Donohue May 16 in an address to the Ireland Business and Employers Confederation in Dublin.
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“We simply cannot forego the prosperity and competitive advantages that would come from a stronger transatlantic relationship,” Donohue said, ahead of the G8 Summit that begins May 19. “The transatlantic countries share the largest commercial relationship in the world by far, and arguably the most important.
Donohue said leaders should commit to specific sets of negotiations with tight timetables and firm deliverables dealing with tariffs, services, regulations, procurement, and investment. Eliminating trade tariffs alone would add an estimated $180 billion in combined U.S.-EU GDP in the next five years, according to a study completed by the European Center for International Political Economy.