Automobile industry welcomes the opening of EU-US trade talks
Brussels, 17 June 2013 — On Friday, Member States gave the Commission the mandate to negotiate a comprehensive trade agreement between the EU and the US – the Transatlantic Trade and Investment Partnership (TTIP). The European Automobile Manufacturers’ Association (ACEA) welcomes this move and has been working actively with its US counterpart, the American Automotive Policy Council (AAPC), to provide input to the authorities on both sides of the Atlantic.
EU-US auto-related trade currently accounts for some 10% of total trade between the two regions. Together, the EU and US account for 32% of global auto production and 35% of global auto sales. Under the TTIP, they would therefore represent the largest share of auto production and sales ever covered by a single trade agreement. “The TTIP would strengthen the EU and US as worldwide auto standards setters,” stated ACEA Secretary General, Ivan Hodac.
According to the Commission’s impact assessment reports, current auto non-tariff barriers (NTBs) are equivalent to an ad valoremtariff of about 26%. The elimination of tariffs and just a quarter of existing NTBs would increase EU vehicle and parts exports to the US by 149% for the period 2017-2027. The estimated increase in EU-US auto trade achieved with the elimination of tariffs and NTBs would account for more than a third of the total estimated increase in bilateral trade flows associated with a successful TTIP negotiation. “If both sides are to realise the full economic potential of the TTIP, achieving a comprehensive auto package must be a priority. Such a package should include the elimination of tariffs and NTBs, as well as meaningful regulatory convergence,” stated Mr Hodac. “This will require strong and sustained political support at the highest levels.”
- The European Automobile Manufacturers’ Association (ACEA) represents the 14 major Europe-based car, van, truck and bus makers: BMW Group, DAF Trucks, Daimler Truck, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Iveco Group, Jaguar Land Rover, Mercedes-Benz, Renault Group, Toyota Motor Europe, Volkswagen Group, and Volvo Group.
- Visit www.acea.auto for more information about ACEA, and follow us on www.twitter.com/ACEA_auto or www.linkedin.com/company/ACEA/.
- Contact: Cara McLaughlin, Communications Director, firstname.lastname@example.org, +32 485 88 66 47.
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About the EU automobile industry
- 13.0 million Europeans work in the automotive sector
- 11.5% of all manufacturing jobs in the EU
- €374.6 billion in tax revenue for European governments
- €79.5 billion trade surplus for the European Union
- Almost 8% of EU GDP generated by the auto industry
- €58.8 billion in R&D spending annually, 32% of EU total