TTIP: Big Opportunities for Small Business
“At a time when, both in the EU and the US, we have sluggish growth, we should be doing a lot better, trade is the antidote, the opportunity to enhance the values, the economic ties we already have,” said Congressman Erik Paulsen about the need for an ambitious TTIP agreement at the Atlantic Council last Friday, November 14.
Congressman Paulsen addressed an audience of over 150 guests at the launch of our newest TTIP report, “TTIP: Big Opportunities for Small Business,” and spoke about how the TTIP agreement’s chapter on small and medium sized enterprises (SMEs) will boost economic opportunities for small business on both sides of the Atlantic. “I think we are going to have significant trade momentum in the near future that boost growth for all business large and small,” Congressman Paulsen underlined.
SMEs represent the vast majority of all firms on both sides of the Atlantic and are responsible for over two-thirds of net new job creation over the last decade in both the United States and the European Union. Yet, they face significant barriers when attempting to export their goods and services. The TTIP agreement would address some of these issues, but it is critical that the negotiators get the details right to maximize small business opportunities across the Atlantic.
Congressman Paulsen’s remarks were followed by a high-level panel discussion, moderated by Atlantic Council Vice President Fran Burwell. Senior leaders from the Office of the United States Trade Representative and the Delegation of the European Union in the United States discussed TTIP with small business owners and the executive vice president of FedEx. The issues of barriers to trade for SMEs became clear within the remarks from Roy Paulson, a small business owner who has dealt with cumbersome tariff and non-tariff transatlantic trade barriers when conducting business overseas. “We are working with two markets that have very high standards for health and human safety, and it would make so much more sense if the rules were written in the same way. This would be a significant cost savings,” said Paulson.
To view and read the report about TTIP and Small Business please visit http://www.atlanticcouncil.org/publications/reports/ttip-sme-report
For more information about the Atlantic Council's ongoing work on TTIP, please visit http://www.atlanticcouncil.org/blogs/ttipaction.