On September 24th, the Atlantic Council hosted UK Deputy Prime Minister Nick Clegg, and Senators Chris Murphy (D-CT), and Ron Johnson (R-WI) for an in-depth conversation about the economic and geostrategic benefits on offer from an ambitious Transatlantic Trade and Investment Partnership (TTIP).

The event launched a report—TTIP and the Fifty States: Jobs and Growth from Coast to Coast—written in partnership with the British Embassy in Washington and the Bertelsmann Foundation. As the report emphasizes, each of the fifty US states stands to gain significantly should TTIP be successfully negotiated and implemented. Across the United States, almost 750,000 jobs would be added to the economy, due to increased trade with Europe alone. Each state would also send 33 percent more exports to the EU annually, on average. Importantly, TTIP is also a key driver of future wealth—as each American family is estimated to gain an additional $865 annually due to the lower costs of goods and increased wages associated with export jobs.

Deputy Prime Minister Clegg made clear that the economic case for TTIP is overpowering, especially at a time where both sides of the Atlantic are in need of an economic boost. TTIP offers the prospect of a significant GDP boost at no cost to taxpayers. He emphasized, “Our two economies still represent around half of the world GDP, and trade between the European and the United States represents around a third of total global trade, and I think it would be a council of despair to suggest we cannot do better, go further, and faster in creating greater prosperities in our two continents.”

Moreover, the strategic case for reinvigorating the transatlantic relationship is also clear. TTIP would galvanize the world’s two largest economies and demonstrate the commitment of the United States and the European Union to free markets, the rule of law, and strong protections of intellectual property rights. This would present a strong case to the emerging markets that this model can succeed and will continue to strengthen well into the future.

Senators Murphy and Johnson made the case for TTIP on the local level, noting that their states of Connecticut and Wisconsin stand to gain approximately 10,000 and 14,000 jobs, respectively. Moreover, expanding transatlantic trade and investment remains an issue where both Republicans and Democrats widely agree—a rare opportunity for bipartisan action to grow the economy.

Video Playlist

Media Mentions

US, UK Politicians Eye Strategic Aims of Trans-Atlantic Trade Talks | Wall Street Journal
Report: South Carolina seen as top gainer in new Europe trade pact |  Post and Courier
Report: TTIP could bring about 34K jobs to Pennsylvania | Pittsburgh Business Times
Trade partnership could bring NM 4,500 jobs, advocates say | Albuquerque Business First

Image: Photo: Kaveh Sardari