FOR IMMEDIATE RELEASE
Wednesday, February 13, 2013
CONTACT OFFICE OF PUBLIC AFFAIRS
In his State of the Union address, President Obama laid out a number of proposals to ensure our economy continues to improve and more people are put back to work. He noted that to boost American exports, support American jobs, and level the playing field for American companies, the United States will launch negotiations of a comprehensive Transatlantic Trade and Investment Partnership with the European Union (E.U.) “because trade that is free and fair across the Atlantic supports millions of good-paying American jobs.”
“I am pleased President Obama has made this commitment to launch negotiations to make the Transatlantic Trade and Investment Partnership a reality. This agreement will support good-paying American jobs and will expand our trade and investment relations, strengthen our economy, and create new opportunities on both sides of the Atlantic.
“The United States and the E.U. represent the largest economic relationship in the world. Our joint gross domestic product accounts for 45 percent of global GDP, and includes more than 800 million consumers. A comprehensive trade agreement will be good for American businesses and American workers.
“This important trade negotiation, as well as ongoing work on the Trans-Pacific Partnership Agreement, contribute to the whole-of-government effort to fulfill the President’s National Export Initiative by increasing U.S. exports, removing trade barriers, and attracting additional foreign direct investment into the United States through our SelectUSA program. As we continue our economic recovery, supporting U.S. businesses and workers is more important than ever.”
The U.S. – E.U. Working Group issued a report to President Obama and E.U. leaders recommending the United States and the E.U. initiate their respective formal domestic procedures necessary to launch negotiations on a Transatlantic Trade and Investment Partnership. The leaders of both the U.S. and the E.U. accepted that recommendation and are moving forward toward negotiations.