Donohue Calls for New Pact to Maximize Transatlantic Relationship and Spur Growth and Jobs

Urges G-8 Leaders To Commit to Negotiations At Summit

WASHINGTON, D.C.—A new U.S.-EU trade pact that would eliminate tariffs, converge regulations, and expand job-creating 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, U.S. Chamber President and CEO Thomas J. Donohue said today.

“With struggling economies, aging populations, and new competition from emerging nations, we simply cannot forego the prosperity and competitive advantages that would come from a stronger transatlantic relationship,” Donohue said in an address to the Ireland Business and Employers Confederation in Dublin today. During his visit to Ireland, Donohue also met with Irish Prime Minister Enda Kenny and other officials, and addressed a U.S.-Irish business conference organized by the American Chamber of Commerce in Ireland.

“The transatlantic countries share the largest commercial relationship in the world by far, and arguably the most important. And yet, we’ve failed to realize its full potential,” Donohue said.

Ahead of the G8 Summit beginning on Saturday, Donohue urged U.S. and European leaders to announce talks on a new, ambitious U.S.-EU Trade and Economic Pact to further integrate the transatlantic economies. He 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.

“Put simply, we must inject more ambition into our own economic partnership,” he said. “It’s time to get moving on this bold idea. We are urging our leaders to take the transatlantic relationship to the next level to grow our economies, remove trade barriers, and create jobs and greater prosperity on both sides of the pond.”