US President’s suggestion for a FTA with Europe welcomed by EURATEX
In the latest state of the union speech, US President Obama triggered a process leading to a possible FTA Free Trade Agreement between the U.S. and EU countries and the work for a comprehensive trade and investment agreement is about to start, welcomed by the European textile and clothing industry represented by EURATEX. Its members create a business volume of EUR 171 billion, there are 1.834 million people employed and 187000 companies are active in the two sectors
EURATEX President Alberto Paccanelli stated: “These are very positive news at a crucial moment of the EU Textile and Clothing Industry who is relying on exports as an engine for growth. America is one of the key priority markets. The two European industry sectors are confident that this agreement will substantially increase its trade and investment flows.
America ranks among the top five export destination markets for the European Textile and Clothing industry and such exports amount to more than EUR 3.8 billion and with a positive balance of trade. Paccanelli makes out areas to be improved: high tariffs in the US, in some cases above 16 % and the need of a harmonisation as a way to facilitate trade and by reducing costs for companies on both sides of the Atlantic River. EURATEX has already deposited detailed comments in that respect.