Largest export growth to be seen in motor vehicles, metals and processed foods
A comprehensive Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union would significantly boost exports from fourteen key US industrial sectors, according to a new study conducted by the Atlantic Council, the Bertelsmann Foundation, and the British Embassy in Washington, DC.
The study examines the potential economic impact of TTIP on sectors in which the US is internationally highly competitive. These sectors include business services, personal services, machinery, motor vehicles, metals, chemicals, processed foods and transportation services.
The findings come as US and EU trade negotiators launch the fourth round of TTIP talks today in Brussels.
Of the sectors covered in the study, the motor-vehicle industry would experience the largest growth in exports, with an estimated increase of up to 650 percent. The metals and processed-foods sectors would more than double their exports, with growth of 125 percent and 102 percent, respectively. Chemicals, non-automotive transportation services, machinery, electrical machinery, communications services, and insurance services would also see considerable export growth as a result of a new trade pact.
Overall, the study expects TTIP to provide $198 billion in export growth in all analyzed US sectors over the 15 years following implementation of the agreement. The motor-vehicle industry alone would see an increase of almost $85 billion in exports.
A previous report by the Atlantic Council, the Bertelsmann Foundation, and the British Embassy in Washington, DC estimated that an ambitious TTIP would add nearly 740,000 American jobs in total through lower tariffs, EU-US regulatory convergence and greater access to EU procurement markets.
Please see the specific sector data available for download: