US trade talks herald a win-win boost for Britain

Britain can expect to benefit hugely if a comprehensive free trade agreement can be negotiated between the European Union and the USA, an East Midlands MEP has said today.

Conservative MEP Emma McClarkin was speaking as the European parliament sitting in Strasbourg voted overwhelmingly to endorse a start to negotiations on what would be the largest bilateral trade deal ever negotiated.

She said: “A deal would not only boost exports in key sectors such as motor-manufacturing, but it would also make Britain a potential magnet for inward investment from America. We would be looking at a win-win for UK plc.”

For the UK alone, she says, national income could see an increase of between £4-10 billion annually – an increase of up to 0.35 per cent in gross domestic product. It would also help secure a more outward looking EU that seeks access to foreign markets and does resort to protectionism – a crucial plank of David Cameron’s vision for a reformed Europe.

Miss McClarkin said: “Another aspect of an agreement would see the EU and US striving to shape global rules and standards on trade. With almost 50 per cent of world GDP and a large percentage of world trade, this is crucial if we are to keep setting the rules in a future world with players such as China, India, Brazil, Mexico and so on.”

The two sides are even now each other’s main trading partners and enjoy the largest bilateral trade relationship in the world. However for all its value, the relationship still suffers from numerous obstacles to trade. The EU Commission estimates that a comprehensive deal with the US would benefit the EU to the tune of €120bn.

Miss McClarkin added: “The opportunity is immense, which why we have the most open approach possible to negotiations at this stage. No red lines, no restrictions, nothing off limits. We’re going into this with open eyes and open minds.”