In Copenhagen in May, Ambassador Taksoe-Jensen participated in a roundtable with the Danish Chamber of Commerce, Dansk Erhverv, to discuss the transatlantic partnership with Danish companies, including a number of ADBC members.
In particular, the ongoing Transatlantic Trade and Investment Partnership (TTIP) negotiations were discussed. The TTIP process is now reaching a more difficult phase with clearer divisions of interests.
The EU and the U.S. are each other’s main trading partners. The traded goods and services across the Atlantic have a daily value of approx. 15 billion USD and about 5 million jobs in the EU are supported by trade with the United States. This means that even small improvements in the framework conditions for trade will have a major economic impact.
The EU negotiating mandate for the TTIP focuses on three broad themes: market access, regulatory issues and non-tariff barriers (such as differences in standards), and rules where negotiators are developing innovative approaches.
In terms of market assess, the negotiations focus on creating new market opportunities for businesses on both sides of the Atlantic by eliminating remaining tariffs and trade barriers, without affecting the level of protection. For services the aim is to secure market access and non-discrimination.
In the regulatory area, the central question is to recognize each other’s standards, which would reduce the cost of transatlantic business by making it easier for companies to comply with both American and European laws at the same time.
The continued support of companies is vital for maintaining momentum in the negotiations. This includes participation in the public debates as well as being a source of concrete examples of the advantages of TTIP.
The European Commission will host a sixth round of EU-US trade talks in Brussels from Monday the 14th to Friday the 18th of July, 2014.