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EU-US trade deal to boost economic growth

in International Business

EU-US trade deal to boost economic growth

de guchtIn their recent trade deal talks, the US and the EU recently agreed on a free-trade agreement that is expected to boost their economics and generate hundreds of thousands of jobs.

Suffering from an economic slowdown, the trade agreement is seen as an ingredient of prosperity by bringing in new customers, more competitions and more producers.

A deal would bring down trading barriers between the two biggest economies in the world. The EU estimates that a “comprehensive and ambitious agreement” will boost annual GDP growth by 0.5%.

EU Trade Commissioner Karel De Gucht said removing trade barriers is the first easy step to tackle.

He noted that trade talks at the World Trade Organization had stalled, “largely because of differences of view between developed powers – like the US and the European Union – and the rising stars.

“An EU-US partnership can act as a policy laboratory for the new trade rules we need – on issues like regulatory barriers, competition policy, localisation requirements, raw materials and energy.”

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