Leading U.S. business organizations announced the formation of the Business Coalition for Transatlantic Trade (BCTT) on Capitol Hill Wednesday, outlining the key benefits of a wide-ranging trade deal between the United States and European Union.
The deal, dubbed the Transatlantic Trade and Investment Partnership (TTIP), was first highlighted by President Obama during his State of the Union speech in February.
Members of the coalition include the U.S. Chamber of Commerce and National Foreign Trade Council.
“We are encouraged by the significant support members of Congress have shown for a comprehensive transatlantic trade and investment agreement,” NFTC said in a statement. “The longstanding U.S.-EU commercial relationship is critical, and an agreement will only further strengthen transatlantic ties, boost economic growth and increase U.S. jobs and exports.
“There is momentum building both here in the United States and the EU for robust dialogue on how best to enhance our commercial relations through this agreement, and we are hopeful for an ambitious conclusion to the negotiations,” the organization added.
According to the Office of the U.S. Trade Representative, last year the U.S.-EU economic relationship generated an estimated $2.7 billion in goods and services trade daily, and was directly responsible for more than six million jobs, as of 2010. In terms of investment, in 2011, foreign direct investment between the European Union and United States totaled an estimated $3.7 trillion. - Eric Johnson