Pressemitteilung BoxID: 313602 (American Chamber of Commerce in Germany e.V.)
  • American Chamber of Commerce in Germany e.V.
  • Börsenplatz 7-11
  • 60313 Frankfurt am Main
  • Ansprechpartner
  • Patricia Limburg
  • +49 (176) 340340-56

In light of the rising significance of emerging markets, AmCham submits recommendations for the deepening of the trade relationship between the USA and the EU

Economic cooperation between the USA and Europe is the central key for sustainable growth

(lifePR) (Hamburg/Frankfurt, ) In light of the rising significance of emerging economies such as China and India in world trade, AmCham Germany calls for a deepening of the trade relationship between the EU and the USA. AmCham Germany has formulated recommendations on how this can be achieved. The removal of existing tariffs between the USA and EU is just as important as the removal of non-tariff and regulatory trade barriers.

"Common challenges, such as the growing importance of emerging markets or global climate change, compel the USA and EU to work even closer together. The significance of transatlantic relations will remain stable over the longterm," states Fred Irwin, President of AmCham Germany.

A Bilateral Trade Agreement between the EU and USA

A bilateral trade agreement between the USA and EU would bring trade benefits for both regions. With the implementation of the Lisbon Treaty in May 2009, the jurisdiction for investment agreements with third-countries was transferred to the EUlevel as part of a Common Trade Policy. The EU now finds itself in the position to conclude international trade and investment agreements with third-countries such as the USA. This opportunity must be seized upon. From the point of view of AmCham Germany, negotiations between the USA and EU should lead to a broad-based strategic agreement. This agreement should encompass areas from the regulation of the service industries to the removal of non-tariff barriers and also address other trade-relevant issues such as investment and competitiveness. The realization of a bilateral free-trade agreement including the removal of tariffs is desirable for the long-term.

Elimination of all tariffs between the USA and EU - a 17% increase in exports

Through the elimination of tariffs, an increase in GDP can be achieved on both sides of the Atlantic. Existing tariffs are low at 4.8 to 6.5% on average; however, AmCham Germany advocates for the complete elimination of tariffs due to the further advantages this would bring. Trade volume between the USA and EU accounts for over 400 billion Euros per year and according to a study by the European Center for International Political Economy (ECIPE), a comprehensive elimination of tariffs would lead to an increase in the combined GDP of both the USA and EU of up to 180 billion Euros over five years. This would result in an increase of exports between the USA and EU of up to 17% until the year 2015.

Increase Regulatory Compatibility to Achieve a Prosperous Transatlantic Economy

The EU and USA could further deepen their economic relations through the convergence of technical requirements and regulations. The Organization for Economic Cooperation and Development (OECD) has estimated that the reduction of existing nontariff and regulatory trade barriers could lead to GDP growth of up to 3.5% on both sides of the Atlantic.

Mutual recognition can be agreed upon in areas where both sides possess compatible protection standards. Some examples include regulations pertaining to GMOs, REACH or nanotechnology. AmCham Germany supports the goal of the EU Parliament to eliminate all trade barriers within the transatlantic market before 2015.

Reform of the Government Procurement Agreement

The US and EU must review and expand their existing US-EU Government Procurement Agreement. Since public contracts have a considerable economic significance, the public procurement market must be opened. This would ensure investment and secure more jobs and growth. All forms of discrimination through protectionist measures must be dismantled.

Trade Relations in Numbers

The USA is by far the largest export partner of the EU. Trade volume amounts to over 400 billion Euros a year. The EU-27 exported goods with a total worth of 242 billion Euros to the USA in 2010. Imports from the USA into the EU-27 reached 169 billion in the same year. In fifth place, Germany stands as one of the USA's major trade partners after China, Canada, Mexico and Japan (4.8% of US imports come from Germany, 3.8% of US exports go to Germany). In 2010, German exports stood at 66 billion Euros and imports at 45 billion Euros, in particular machinery, chemical products, automobiles and electronics. Over 3000 German firms are active in the USA and have produced 567,000 jobs, from which 252,000 are in manufacturing. In Germany, there are approximately 2000 US firms from which there exists an investment volume of ca. 130 billion Euros and 800,000 direct jobs.

Deepening Transatlantic Trade to Boost Jobs and Growth

Today, the Board of Directors of AmCham Germany have approved the position paper entitled "Deepening Trade to Boost Jobs and Growth." Please find the paper within the enclosure. Further information can be found in our "10 Point Program for Future Transatlantic Cooperation" from November 2011.

Annual Membership Meeting

On May 11, 2012, the 109th Annual Membership Meeting of the American Chamber of Commerce in Germany will take place in Hamburg. The program/schedule will consist of presentations and discussions on transatlantic issues. Among our speakers are US Ambassador Philip D. Murphy and EU Commissioner of Trade Karel de Gucht. At our Gala Dinner taking place at the Hamburg Chamber of Commerce, our Keynote Speaker will be Olaf Scholz, First Mayor of the Free and Hanseatic City of Hamburg.

In 2013, the Chamber will be celebrating its 110th Anniversary.

American Chamber of Commerce in Germany e.V.

With approximately 3,000 members, AmCham Germany is the largest bilateral commercial association in Europe. The chamber considers itself as a bridge to investors in the United States. The nurturing of German-American commercial relations and Germany as an investment location remain at the forefront.