Did you know that the United States exported $9.9 billion in agriculture products to the European Union (EU) in 2012? In the other direction, pharmaceuticals accounted for 10 percent of U.S. imports from the EU in 2012. These are only two of many examples that highlight the importance of the transatlantic trade relationship – one that is robust and by far the world’s largest, but still has much room for growth that benefits consumers and businesses on both sides.
To strengthen our economic cooperation, the United States and the EU are negotiating a Transatlantic Trade and Investment Partnership, or T-TIP. This ambitious, comprehensive, and high-standard trade and investment agreement offers significant benefits in terms of promoting jobs, U.S. international competitiveness, and the global competitiveness of small- and medium-sized enterprises. T-TIP aims to boost economic growth in the United States and the EU by adding to the more than 13 million American and EU jobs already supported by transatlantic trade and investment. And it will reduce red tape, while ensuring we continue to enjoy the high level of consumer, health, and safety standards we have long benefited from.
Watch the latest “State in 60 Seconds” video to learn more about T-TIP from Anthony Gardner, U.S. Ambassador to the European Union.
By James Wolfe, Spokesperson
This blog was originally posted on the State Department’s DipNote.