Conclude a high-standard, comprehensive Transatlantic Trade and Investment Partnership (TTIP)
The U.S.-European economic relationship is the world’s largest with $4 trillion in trade, investment, and commercial sales. However, the U.S. and EU could produce even more growth and jobs if there were additional elimination of tariffs, increased services trade liberalization and establishment of compatible regulatory systems.
The European Union is one of Washington state’s largest trading partners and collectively accounted for 10.6 percent of Washington’s goods exports in 2015. In addition, of the ten largest importers of Washington service exports, five are European; for example, European countries like the U.K., Germany and France account for nearly a third of foreign visitors to Seattle. Washington also benefits from European foreign direct investment (FDI), with French, German, Dutch, Swedish and British firms alone employing 44,000 Washington residents. In fact, Europe is the largest source of FDI in Washington state.
Overall, Europe and its population of over 500 million offer significant market opportunities for a variety of Washington’s retailers, manufacturers, service providers, farmers and other employers, meaning that increased trade liberalization has the potential to create jobs and grow businesses in our state.
However, this potential only exists if the TTIP effectively addresses a wide range of issues of concern to Washington employers. Many current EU-U.S. trade policy disagreements – from agriculture and aerospace to IT and life sciences – are due to differences in the U.S.-EU regulatory environment, which must be dealt with to maximize Washington business opportunities in Europe.
A recent study from the Atlantic Council, British Embassy and Bertelsmann Foundation found a successful TTIP would create 17,000 jobs in Washington state and would grow our exports to the EU by 26 percent.
Although the United Kingdom has voted to exit the EU in 2018, negotiations for a TTIP will continue, and the U.S. will work with the U.K. bilaterally to strengthen our trade relationship.
To learn more about the Transatlantic Trade and Investment Partnership, download WCIT’s TTIP policy factsheet.
Join WCIT in supporting the successful negotiation of TTIP. To learn how you can get involved, contact Eric Schinfeld at email@example.com or 206.389.7273.