The biggest bilateral trade agreement in history works for the UK

Richard Ashworth Conservative MEP for the South-East and leader of the UK Conservatives in the European Parliament, has underlined his support for the conclusion of an EU-US trade agreement, which will represent the biggest bilateral trade agreement in history. Whilst on an EU-trade delegation visit to Washington DC Richard Ashworth MEP said:

“I fully support open and fair markets, and hope the negotiations launched reach a conclusion, in what is being described as a ground breaking Transatlantic Trade and Investment Partnership between the United States and the European Union.”

“If the European Union and United States can conclude this trade agreement which I hope we can rapidly, then an agreement between the world’s two largest economies would be like no other.”

The US and the EU account for almost half of global GDP, almost a third of world trade, and with almost 2 billion Euros in goods and services traded between us every day, it would be the biggest bilateral trade deal in history.

“The trade agreement is more than just a boost for trade, between old allies. It’s also about ensuring that American and European companies are able to compete in an increasingly competitive world, that they are in a position to create jobs at home, and that together we can advance the principles of enterprise, competition and fair play on which so much of our shared identity is forged.”

“The United States and the European Union remain the dominant forces in world trade, but our share of trade is diminishing. At the beginning of the 1980s, the G7 countries accounted for around 55 percent of world GDP. That has now fallen to around 40 percent and will decline further. To maintain our way of life we need to build new links with markets in Asia, Latin America and the Gulf states, but we also need to strengthen our existing relationships.”

Foreign Secretary William Hague in a speech to US trade representatives in the United States said the benefits to removing the remaining trade barriers between the EU and US could add “$280 billion a year to our economies, and secure millions of jobs on both sides of the Atlantic. And regulatory coherence would reduce the cost of compliance for those businesses that trade in both markets.”

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