Brussels, 17/07/2015 (Agence Europe) - According to a recent study carried out by the Peterson Institute for International Economics (PIIE) and unveiled by the European Automobile Manufacturers' Association (ACEA), the American Automotive Policy Council (AAPC) and the Alliance of Automobile Manufacturers (Alliance) on Friday 17 July, the free trade agreement between the EU and USA (TTIP) could increase transatlantic automobile trade by 20% or more, in other words a $20 billion gain in income, through removing regulatory barriers while maintaining a high level of safety and environmental standards.
The automobile industry estimates that this increase would represent over 240,000 more vehicles traded every year, for a value of $9 billion, and that it would support tens of thousands of jobs. The removal of barriers combined with greater regulatory convergence in the automobile industry would offer consumers greater choice, would reduce costs and would improve the international competitiveness of European and American automobile industries.
The conclusions of the study are based on the experiences of those who signed the 1958 United Nations agreement, the joint press release from ACEA, AAPC and Alliance states.
The three associations thus strongly support an ambitious TTIP result for the automobile industry, which maximises the consumer benefits and economic growth that could be achieved. ACEA, AAPC and Alliance are therefore supporting the TTIP automobile talks through coordinated engagement with the American and European negotiators, as well as through supporting reports and studies that inform the talks, such as the PIIE study. (Emmanuel Hagry)