VCI on the US President’s visit to the Hannover Messe
TTIP: Conclude negotiations in the present year
The German chemical industry hopes that that a signal will come from Obama's visit to Hannover and give fresh impetus to the negotiations between the USA and the EU. TTIP wants to create a transatlantic free trade zone without tariffs. It could give growth impulses for the national economies and mean falling prices and a larger variety of products for consumers. VCI's president Marijn Dekkers recalled that the free trade agreement is also a major chance for the EU to shape globalisation with shared values and high standards.
The negotiations on the Transatlantic Trade and Investment Partnership (TTIP) should be brought to a conclusion in the present year. The German chemical industry association Verband der Chemischen Industrie (VCI) is calling for this on the occasion of US President Obama’s visit to the trade fair Hannover Messe.
VCI President Marijn Dekkers: “President Obama’s visit to the Hannover Messe emphasizes how important it is to him to conclude the negotiations on this groundbreaking project still during his tenure. The chemical industry in all of Europe supports TTIP. We hope that a signal will come from Hannover and give fresh impetus to the negotiations between the USA and the EU.”
From the VCI’s perspective, the transatlantic trade is of enormous significance to the national economies of Europe and the USA. A successful conclusion of the TTIP negotiations would have growth impulses for both regions, as it would reduce unnecessary bureaucracy and thus eliminate barriers to trade and investment. That would benefit consumers with falling prices and a larger variety of products.
TTIP wants to create a transatlantic free trade zone without tariffs. Tariffs on chemical products are not very high; they average 2.8 percent in the US and 4.6 percent in the EU. But given the huge trade volume, German chemical companies are currently paying 130 million euros p.a. in tariffs to the US Treasury. The US is the most important export market worldwide for Germany’s third largest industry. At the time being, 11.4 percent of German chemical exports go stateside, accounting for ca. 20 billion euros in 2015. The US share in total exports of the industry has been growing steadily and dynamically over the past years.
Regarding fears of lower standards through TTIP, Dekkers clarified: “The regulatory autonomy of the nations needs to be preserved.” According to Dekkers, the free trade agreement is also a major chance for the EU to shape globalisation with shared values and high standards, side-by-side with the EU’s most important political partner: “TTIP enables Europe to actively take part in the development of fair rules for global trade and investment.”
Contact: VCI Press Dept., Phone: +49 69 2556-1496, E-Mail: email@example.com Please note: VCI news about the chemical industry is also available via Twitter: http://twitter.com/chemieverband
The VCI represents the politico-economic interests of over 1,650 German chemical companies and German subsidiaries of foreign businesses. For this purpose, the VCI is in contact with politicians, public authorities, other industries, science and media.The VCI stands for over 90 percent of the chemical industry in Germany. In 2015 the German chemical industry realised sales of around 190 billion euros and employed 447,000 staff.
Contact: VCI Press Dept., Phone: +49 69 2556-1496, E-Mail: firstname.lastname@example.org
Please note: VCI news about the chemical industry is also available via Twitter: http://twitter.com/chemieverband