The Transatlantic Trade and Investment Partnership negotiations must secure all-inclusive tariff eliminationrnbetween the U.S. and the European Union, while making inroads toward regulatory harmonization, saidrnlawmakers and executives at a Senate Finance Committee hearing on the TTIP (http://1.usa.gov/17ZIygG). Ifrnthe U.S. and EU broker a comprehensive tariff elimination, the deal could boost U.S. exports to the EU by arnthird, adding $100 billion annually in U.S. gross domestic product and creating hundreds of thousands of domesticrnjobs, said committee Chairman Max Baucus, D-Mont. "Tariffs are already relatively low between thernU.S. and EU, so it shouldn’t be difficult to gain an agreement to get rid of those tariffs that remain,” testifiedrnMichael Ducker, FedEx Express chief operating officer. Lawmakers and witnesses Wednesday sought expeditiousrnpassage of Trade Promotion Authority. The TPA negotiating authority should be passed this year, saidrnBaucus. “Congress needs to be a full partner in the development and execution of this agenda. The best way torndo that is to pass Trade Promotion Authority and to do it soon. The United States has numerous other trade opportunities.rnThe Trans-Pacific Partnership, the TPP, is near conclusion.” Rep. Dave Reichert, D-Wash., hasrnstarted to whip votes in the House for TPA, his spokeswoman told us Tuesday. He began this week the Friendsrnof TPP Caucus (CD Oct 31 p13). The sluggish global economic recovery and poor World Trade Organizationrnprogress on trade facilitation make TTIP more attractive for both the U.S. and EU, said Ducker. “The economicrnconditions have certainly given us greater leverage. Whether it’s a consequence of the Doha Round stalling orrnnot, I think people are taking an opportunity like this.” He was referring to the WTO talks that will formallyrnresume in December. The administration is pursuing arguably the most ambitious trade agenda in U.S. historyrnto increase American exports, raise international trade standards, address emerging dynamics and strengthen thernglobal multilateral trading system, said U.S. Trade Representative Michael Froman at the Economist Buttonwoodrnconference Wednesday, according to a news release (http://1.usa.gov/1bGwza5). “That’s why we’re pursuing"rnTPP and the Transatlantic Trade and Investment Partnership, "which together will allow us to conductrnfree trade with economies representing nearly two-thirds of global GDP,” said Froman. “It’s also why we’vernpressed for a binding agreement on trade facilitation at the WTO." The U.S. is also pursuing Bilateral InvestmentrnTreaty negotiations with China, while aiming to deepen trade ties with India, Brazil, sub-Saharan Africarnand the Middle East, said Froman. — BD
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