May 02, 2014 - 7:30pm

Chancellor Merkel: Transatlantic Trade Agreement Would Energize Global Economy


Senior Editor, Digital Content

US_Chamber_Merkel_800px.jpg

German Chancellor Angela Merkel with U.S. Chamber President and CEO Tom Donohue. Photographer: Ian Wagreich / © U.S. Chamber of Commerce.

For decades, the transatlantic partnership between the United States and Europe has promoted freedom and prosperity across the globe. The Transatlantic Trade and Investment Partnership (TTIP), being negotiated by the European Union and the United States is the next step in this relationship.

In a speech at the U.S. Chamber, German Chancellor Angela Merkel said TTIP “would be an important impetus to the global economy as a whole.”

Merkel spoke about the values of freedom and rule of law that are shared on both sides of the Atlantic. There was no better, closer, or more reliable partner for German and the European Union than the United States, she said.

The economic ties of the United States and Europe also run deep. “Fifty million jobs on both sides of the Atlantic” depend on this economic relationship, Merkel noted. In particular, German companies support 600,000 jobs in America, and American companies support 800,000 jobs in Germany.

By drawing down tariff and non-tariff barriers, liberalizing services and public procurement, and promoting regulatory cooperation, TTIP will “strengthen both sides of the equation.”

The end result will be “lower prices and a broader range of products.”

In addition, the U.S. and European Uinon will be better able to set high standards for future global trade agreements.

During the question and answer session after her speech, Merkel was asked, "What can the American and European business communities do to push TTIP negotiations along?" She advised that they “talk to their own labor forces” and educate the public about the benefits of trade agreements already in place as well as the benefits that would come from TTIP.

Donohue noted that the U.S. Chamber will be holding a series of events in the U.S. and Europe to do just that. “America needs Europe and we need this agreement,” he said.

 

About the Author

About the Author

Sean Hackbarth
Senior Editor, Digital Content

Sean writes about public policies affecting businesses including energy, health care, and regulations. When not battling those making it harder for free enterprise to succeed, he raves about all things Wisconsin (his home state) and religiously follows the Green Bay Packers.