Monday, May 13, 2013

 

Economics:U.S., U.K. leaders highlights importance of transatlantic free trade


WASHINGTON, - U.S. President Barack Obama and U.K. Prime Minister David Cameron discussed on Monday at the White House the importance of moving ahead with the European Union (EU) towards negotiations on the Transatlantic Trade and Investment Partnership (TTIP).

Obama told the press at the briefing that he expected negotiations with the EU to be launched in the coming months. "I believe we've got a real opportunity to cut tariffs, open markets, create jobs, and make all of our economies even more competitive," said Obama.

The Obama Administration placed the TTIP at the center of trade priorities, together with the existing Trans-Pacific Partnership talks.

Obama expected the upcoming talks with the 27-nation EU may help meet his goal of doubling exports by the end of 2014.

Cameron concurred and added the greatest challenge is to secure a sustainable economic recovery and "open trade is at the heart of this."

Cameron hoped the free trade talks between Europe and the U.S. will be launched when Obama is in Northern Ireland for the G-8 next month.

He expected the deal to add as much as 15.29 billion dollars to the British economy and 97 billion dollars to U.S. economy.

He also pointed out that the rest of the world would also benefit from the U.S.-EU free trade, which could generate 132 billion dollars world-wide.

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