EU-USA Free Trade momentum welcomed by Emma McClarkin MEP

An EU-USA trade agreement has gained momentum following President Obama’s state of the union speech and the opening of negotiations. East Midlands MEP and member of the trade committee in the European Parliament, Emma McClarkin, has said that the goodwill on both sides of the Atlantic must now be capitalised upon to make urgent progress.

President Obama’s call follows strong support from EU leaders last week in their European Council conclusions. The European Parliament backed a deal last October when it supported calls to open negotiations in 2013.

The transatlantic commercial relationship is by far the largest in the world, with the European Union and the United States exceeding 3.22 trillion Euros in annual trade, investment and sales by foreign affiliates of companies of one another’s market, representing over 50% of global GDP. The removal of just 50% of the existing trade barriers between EU and US would lead to a 0.7% higher growth rate per year in the EU and 0.3% in the US.

Miss McClarkin said:

“With the right level of political will, a trade deal is possible. This agreement has moved from being an impossible dream to a potential reality in a matter of months. Now we must capitalise on the head of steam that has been created.

“This deal has the potential to be a game changer in global trade. It is an exciting development and both I and other Conservative MEPs will continue to strongly support opening trade with the rest of the World. The USA trade partnership must be a priority for growth and jobs on both sides of the Atlantic.”