A trade agreement between the United States and European Union will be a “shot in the arm” for exporters in the Europe, wrote EU Minister Richard Bruton in an editorial for Dublin’s The Daily Business Post.
The Irish politician, who oversees jobs, enterprise and innovation, will chair an informal meeting of EU trade ministers in Dublin on Thursday.
The $3.06 billion each day that’s traded between the European Union and United States currently accounts for more than 40 percent of global GDP, Bruton wrote. He is pushing for a trade agreement because such a deal would encourage even more trading between the nations.
The key, he explained, is not in attacking the already low 2 percent tariff rate, but by introducing common government regulatory standards and making investment rules more liberal.
“It is also worth remembering that as long as our budgetary position remains constrained, increasing international trade will be one of the most valuable engines to boost to growth and create jobs,” he said.
Bruton wrote that he’s also focusing on free trade deals with other nations. He sees a huge potential in trade agreements with Canada and Japan, and he noted work is being done for trading with other Asian countries. His main focus for the rest of the week, however, is the U.S. deal.
“If I can help to secure agreement among Europe’s trade ministers, this will bring us a significant step closer to an historic deal with our friends in the U.S. that will lead to increased trade and more jobs — a prize worth pursuing with determination,” he said.