Contact: Ryan Baldwin (202) 249-6517
WASHINGTON (July 8, 2013)
The United States and the European Union (EU) today launched the first round of negotiations on a Transatlantic Trade and Investment Partnership (TTIP). The American Chemistry Council (ACC) issued the following statement:
"The start of negotiations on the TTIP represents the most important opportunity in years to ensure long-term growth and prosperity through enhanced trans-Atlantic regulatory cooperation and strengthened economic ties. ACC would welcome the opportunity to support a comprehensive, ambitious and lasting trade and investment partnership that fully unleashes the potential of U.S. chemical manufacturers to drive economic growth, boost exports and create good jobs.
"Chemistry will be a priority sector in these negotiations. We are among the nation's leading exporters, with $188 billion in exports in 2012, supporting more than a quarter of the industry's nearly 800,000 jobs.
"The relief the TTIP will provide American chemical manufacturers, through the elimination of tariffs and by reducing non-tariff barriers to trade, will also benefit the countless downstream businesses that depend on chemical products. Total elimination of industrial tariffs and import duties on trans-Atlantic chemicals trade would save our industry more than $1.5 billion per year, a third of which is intra-company trade.
"Developing forward-looking strategies to address non-tariff barriers to trade should also be a priority topic among negotiators. Enhanced U.S.-EU regulatory cooperation on chemicals would significantly reduce costs for governments and industry-generating upwards of $2 billion in additional economic output for the U.S. alone-while still maintaining high levels of protection for human health and the environment."
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