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UPS (NYSE: UPS) applauds the United States and European Union on coming together to launch negotiations of the Transatlantic Trade and Investment Partnership (TTIP) that will truly be a game changer to the recovery of the global economy.
I have talked to political leaders in Brussels and Washington, D.C. and based on recent conversations, I believe there is momentum and good will to move this agreement forward. The successful negotiation of the TTIP would open up new dynamic trade opportunities for small, medium, and large enterprises on both sides of the Atlantic, while boosting exports and creating new jobs. At UPS alone, we estimate that an ambitious and successful TTIP, which moves beyond tariff barriers to encompass a broad range of non-tariff, regulatory and supply chain barriers to trade could boost our trading volume by 131 million packages and support 24,000 jobs over 10 years.
The U.S. and the 27 EU member states share a common outlook and a similar determination to maintain open markets and benefit from liberalized services trade regimes. As the world’s largest economic relationship, it accounted for $5.3 trillion in investment and trade in 2011. U.S.-EU services trade accounted for $300 billion, one-third of total U.S. services trade, and nearly 10 percent of all world services trade. At this critical point in the global economic recovery, it is essential that the U.S. and EU continue to be leaders in setting the standard for the global market.
UPS is excited about the possibilities of what a U.S.-EU free trade agreement means to our customers and how it will improve the position of our economies in the global marketplace.
TTIP like the Trans-Pacific Partnership (TPP) and the Trade in Services Agreement (TISA) is an important opportunity to break down barriers and encourage the economic growth and jobs that come with increased trade.