“It is an expression of shared values, an expression of a joint project that holds us together and unites us in this globalized world: The creation of investment networks and common markets.”
— Peter Ammon, Germany’s ambassador to the U.S. on the proposed Transatlantic Trade and Investment Partnership
Southeastern Economic Impact
Motor vehicles $27.3 billion
Chemicals $615 million
Machinery $337 million
Metals/products $327 million
|Other Southeastern States |
Here’s a look at how other Southeastern states could benefit from TTIP, according to the report conducted on behalf of the Atlantic Council, the Bertelsmann Foundation and the British Embassy. The study cites trade data for 2012 and sales of services data for 2011:
|Source: International Trade Administration|
Published Feb. 5, 2014
SUMTER, S.C. — During the Jan. 28 ribbon-cutting at Continental Tire’s $500 million plant, Peter Ammon, Germany’s ambassador to the United States, offered a plug for a new trade agreement that’s being negotiated by the U.S. and European Union.
The Transatlantic Trade and Investment Partnership promises to boost South Carolina’s exports to Europe by 187% and create a total of 10,000 new jobs, Ammon said, citing a recent report.
Germany and the United Kingdom rank as South Carolina’s No. 2 and No. 5 customers, respectively, having bought $5.1 billion worth of exports in 2012, according to the latest figures from the International Trade Administration.
Overall, EU countries purchased $7.4 billion of S.C. goods, about 29% of the state’s total exports, according to recent study supporting the trace pact.
If the agreement is fully implemented, South Carolina could see exports of motor vehicles climb by $27.3 billion, chemicals by $615 million, other machinery by $337 million, and metals and metal products by $327 million, the report said.
The pact is designed to promote economic growth and create jobs on both sides of the Atlantic. Research shows the agreement could boost the EU’s economy by $162.3 billion, the U.S. economy by $121.7 billion and the world’s economy by $135.3 billion.
Work on the pact began in July, and a fourth round will take place March 10 in Brussels, home of the EU.
“We have the offer of a trans-Atlantic trade and investment partnership on the table, which goes well beyond a traditional trade agreement,” Ammon said in a recent speech at the American Council on Germany in New York. “TTIP offers the prospect of an entirely new dimension in economic relations across the Atlantic and beyond: We can now lay the foundation for harmonizing standards and regulations, whose results will extend well beyond the trans-Atlantic economic area.”
Trans-Atlantic trade relations make up one-third of global trade, and 60% of all foreign direct investment in the United States comes from Europe, Ammon noted in his New York speech.
“Particularly for emerging economies, it is important, for example, that their products do not have to conform to two different sets of standards, an American and a European one, but instead just one set of regulations,” Ammon said.
He added that TTIP also has strategic importance.
“It is an expression of shared values, an expression of a joint project that holds us together and unites us in this globalized world: The creation of investment networks and common markets,” Ammon said.