An EU-US agreement, which we hope will be concluded within two years, would provide a much-needed kick to the economic growth in both markets. This boost will help to enhance our position in an increasingly competitive global market."
Brussels (PRWEB UK) 18 June 2013
Cefic welcomes the announcement at the G8 meeting by US President Obama and EU Council President van Rompuy on the kick-off of the negotiations on a Transatlantic Trade and Investment Partnership (TTIP).
Cefic endorses the ambitious scope of these negotiations that aim to address import duties as well as areas related to investment, regulatory cooperation, non-tariff barriers to trade, trade facilitation and public procurement.
These negotiations are important to the chemicals industry because the proposed TTIP would lead to the elimination of import duties on the €48 billion worth of chemicals traded in 2012 between both markets. Those duties form a considerable input cost, amounting to €1.5 billion, some of which concerns intra-company trade. The full elimination of all chemical tariffs should therefore be the ultimate goal.
Beyond tariff elimination, Cefic sees significant potential to enhance regulatory transparency and cooperation while minimising cost and burden for governments and industry. Promoting regulatory cooperation – i.e. through better alignment of regulatory processes or eventually the sharing of information and data – would trigger job creation on both sides of the Atlantic, while maintaining high levels of human health and environmental protection standards. Cefic, together with its US counterpart – the American Chemistry Council – are ready to contribute constructively to this work.
Cefic President Kurt Bock said: “An EU-US agreement, which we hope will be concluded within two years, would provide a much-needed kick to the economic growth in both markets. This boost will help to enhance our position in an increasingly competitive global market.
“The foreseen enhanced regulatory cooperation in the agreement could be a catalyst towards global standards setting, especially in emerging areas like nanotechnology.”
For more information, contact: James Pieper, media relations manager, Cefic, on desk phone +32 (0)2 676 7398 or via e-mail at jpi(at)cefic(dot)be.