Remarks by President Obama on the Transatlantic Trade and Investment Partnership at the G-8 Meeting
I’m pleased to announce the launch of negotiations on a new trade agreement, the Transatlantic Trade and Investment Partnership, also known as T-TIP.
The U.S.-EU relationship is the largest in the world. It makes up nearly half of global GDP. We trade about $1 trillion in goods and services each year. We invest nearly $4 trillion in each other’s economies. And all that supports around 13 million jobs on both sides of the Atlantic.
And this potentially groundbreaking partnership would deepen those ties. It would increase exports, decrease barriers to trade and investment. As part of broader growth strategies in both our economies, it would support hundreds of thousands of jobs on both sides of the ocean.
So I’m pleased to hear that this negotiation enjoys the support not only of the countries that are here today, but also the broader EU membership. I can tell you that it has been warmly received in the United States as well, both in our Congress and in our business community.
And that broad support, on both sides of the Atlantic, will help us work through some of the tough issues that have already been mentioned. There are going to be sensitivities on both sides. There are going to be politics on both sides. But if we can look beyond the narrow concerns to stay focused on the big picture -- the economic and strategic importance of this partnership -- I’m hopeful we can achieve the kind of high-standard, comprehensive agreement that the global trading system is looking to us to develop.
America and Europe have done extraordinary things together before. And I believe we can forge an economic alliance as strong as our diplomatic and security alliances -- which, of course, have been the most powerful in history. And, by doing that, we can also strengthen the multilateral trading system.
So this Transatlantic Trade and Investment Partnership is going to be a priority of mine and my administration. It is important that we get it right -- and that means resisting the temptation to downsize our ambitions or avoid tough issues just for the sake of getting a deal. And then make sure also -- it’s important that we also make sure that it’s part of an overall plan to do what it takes to promote growth and jobs. Trade is critical but it is not alone a silver bullet; it has to be part of a comprehensive strategy that we pursue on both sides of the Atlantic. That’s what our people deserve.
I very much look forward to working with my fellow leaders to make it happen. We’re going to give a strong mandate to our negotiators, but occasionally I suspect we’re going to have to intervene and break through some logjams. Nevertheless, I’m confident that we can get it done. Watch the video.
US Commercial Service
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