The Transatlantic Trade and Investment Partnership (TTIP) is a top priority for the UK. Prime Minister Cameron and President Obama spoke on TTIP earlier this year at the G8 Summit in Northern Ireland about the benefits of this monumental deal and the importance of boosting trade.
Negotiations for an EU-US trade deal launched in Washington in July. The Transatlantic Trade and Investment Partnership (TTIP) offers a once in a generation opportunity - it has the potential to be the largest bilateral trade deal ever agreed. An ambitious deal stands to bring £100 billion a year to the EU and £80 billion to the US.
President Obama is right when he says tackling climate change is a moral obligation and also right when he says cutting carbon pollution will help spark business innovation and create jobs.
I welcome his Climate Action Plan. It’s a decisive step by the world’s second largest emitter and demonstrates the growing global momentum toward tackling the threat of dangerous climate change.
The UK will work closely with the US on energy efficiency and low carbon technologies, and on securing ambitious global action on climate finance and emission reduction.
We will also keep up the pressure elsewhere, including in Europe. The EU should adopt a 50% emissions reduction target by 2030 in order to help secure a global deal in 2015.
Edward Davey, UK Secretary of State for Energy and Climate Change, welcomes US President Barack Obama’s Climate Action Plan
Trade is key to economic growth and job creation. But in late 2008, global trade saw its steepest fall since the Great Depression. More than four years on trade has still not fully recovered; trade growth fell to 2% in 2012 - well below the 20-year average of over 5% per year.
The European Union is currently negotiating free trade agreements with G8 partners, including Canada and Japan. The EU and US are on track to start negotiations shortly.
Together, they make up around a third of all global trade. An EU-US trade deal could add over £100 billion to EU GDP and over £80 billion to US GDP.
The rest of the world would benefit too, with potential gains of £85 billion worldwide. Overall, this trade agenda could create over two million jobs across the European Union.
Other G8 countries are negotiating ambitious trade agreements. For example, the United States is leading efforts on free trade with the Trans Pacific Partnership, which also includes Canada. Japan is scheduled to participate shortly.
If G8 countries complete all of their current and proposed trade deals it could boost the income of the whole world by more than $1,000 billion.
On 11 May the British Embassy in Washington opened its doors to the public for the annual EU Open House Day. We showcased UK culture, heritage, innovation and creativity: a bit of everything that makes Britain GREAT. Visitors were able to interact with multiple exhibits, tour the Ambassador’s residence and gardens, and learn more about why the UK remains a fantastic destination for travel, study and business.
You’re Invited! 2013 EU Day Open House
Join us on 11 May from 10:00 am to 4:00 pm to celebrate UK culture, heritage, innovation and creativity: a bit of everything that makes Britain GREAT.
The embassy will open its doors to the public for the annual EU Day Open House. See for yourself why the UK remains a fantastic destination for travel, study and business investment. Early visitors will be will be greeted with a free Union Flag bag!
Support the US-EU Transatlantic Trade and Investment Partnership!