16 March 2017
CBI speaks out for business ahead of Brexit negotiations
A busy week of interviews focusing on the importance of starting the EU negotiations
18 December 2014
News
The CBI hosted talks in Brussels with European political leaders, including the British Prime Minister David Cameron, European business groups and international companies on the importance of securing the Transatlantic Trade and Investment Partnership (TTIP).
They were joined by Prime Ministers Thorning-Schmidt of Denmark, Stubb of Finland, Renzi of Italy, Straujuma of Latvia, Kopacz of Poland, and Rajoy of Spain.
As the European Council begins, the CBI, the UK’s leading business group, is urging European national governments to deliver an ambitious agreement that could create thousands of jobs across the Continent. It is doing so in conjunction with its sister business federations in Germany, Italy, Spain, France, Sweden, Denmark, Finland and Latvia.
“Our message to the seven European leaders who attended our roundtable and to political leaders across the EU is that Europe’s business community is united in its belief that this deal is crucial to the future growth and prosperity of citizens across the EU. It could create thousands of new opportunities for our young people at a time when youth unemployment across the Continent remains startlingly high.
“A Transatlantic Trade & Investment Partnership (TTIP) could be worth up to 120 billion EUR to the EU every year - quite simply, it would be the biggest trade deal ever signed. As European politicians gather to drive through Commission President Juncker’s 315bn EUR investment package, they cannot ignore the significant contribution to jobs and growth that TTIP could also deliver.
“It would create an integrated market of over 800 million people, bringing more choices for consumers at cheaper prices. And with the UK already trading more and investing more with the US than any other country, there are real advantages to drive home particularly for smaller firms."
“TTIP is a great opportunity to strengthen the European economy for the years to come. A TTIP that is guided by high standards will provide a sustainable stimulus for jobs and growth, and it will allow us to develop rules for global trade and investment. We expect political leaders and negotiators to make significant progress in 2015 on the road to an ambitious agreement.”
“TTIP is vital to boost jobs and growth on both sides of the Atlantic. For high-value manufacturers TTIP is an opportunity through greater efficiency, more open competition and lower costs, to make EU member states, including the UK, more attractive locations for factories, close to R&D and to customers.”
“TTIP would be a real step forward for us. At present, we take products between our UK and US factories to sell into Europe and into the States, paying 5-6% duty. That’s just ridiculous when we compare the situation with Far East imports, some of which pay no duty at all.”
Publishing its new report on transatlantic trade, the CBI has identified five key reasons as to why successfully concluding this trade deal is so essential:
Small and medium-sized firms stand to benefit the most from TTIP, given they often lack the time, budget and expertise to deal with trade roadblocks. A trade deal would help first-time exporters get their products to the US market at more competitive prices, and even non-exporters in the supply chain would benefit.
Removal of tariff barriers means a bigger range of products in shops at cheaper prices. Tariffs do not just hurt companies and their employees – they also penalise the consumer. TTIP will put downward pressure on prices that consumers pay in the UK, and will also help British exporters to get a foothold in the US.
TTIP will remove unnecessary and costly red tape, particularly where there are duplications. High safety standards would not be undermined, with the idea that smarter regulation on both sides will reduce bureaucracy and make trade cheaper and faster for all.
By tackling longstanding barriers to entry in the US market, the UK’s thriving services sector is well-placed to make significant in-roads. From engineering consultants to specialist insurers, TTIP can support the next wave of exciting services companies wanting to export to the US.
TTIP can help keep the UK as the leading place for US investors by promoting the free transfer of capital, a level playing field for all companies and better protections for investors and their investments.
Related tags
Related news
16 March 2017 CBI speaks out for business ahead of Brexit negotiations A busy week of interviews focusing on the importance of starting the EU negotiations |
02 March 2017 Building a new migration system Ahead of the release of the latest net migration statistics, CBI Director-General Carolyn Fairbairn called for an honest debate about immigration |
02 March 2017 WTO rules would open a Pandora's Box Leaving the EU without a deal and reverting to World Trade Organisation rules would open a Pandora’s Box of economic consequences. |