The proposed trade deal between the EU and US would truly be a game changer in the recovery of the global economy, according to Scott Davis chairman and chief executive of UPS.
“The successful negotiation of the Transatlantic Trade and Investment Partnership would open up new dynamic trade opportunities for small, medium, and large enterprises on both sides of the Atlantic, while boosting exports and creating new jobs,” he said.
“At UPS alone, we estimate that an ambitious and successful TTIP, which moves beyond tariff barriers to encompass a broad range of non-tariff, regulatory and supply chain barriers to trade could boost our trading volume by 131 million packages and support 24,000 jobs over ten years.”
The economic relationship between the EU and US accounted for $5.3 trillion in investment and trade in 2011. US-EU services trade accounted for $300 billion, one-third of total US services trade, and nearly ten per cent of all world services trade.