European auto makers welcome constructive EU-US trade talks
Brussels, 26 July 2018 – The European Automobile Manufacturers’ Association (ACEA) welcomes yesterday’s constructive dialogue between the President of the European Commission, Jean-Claude Juncker, and US President, Donald Trump.
“Our industry thrives best in an environment without trade barriers. Yesterday’s agreement to initiate bilateral negotiations that seek to reduce tariff and non-tariff barriers to trade on industrial goods is a step in the right direction towards de-escalating trade tensions and addressing a trade-positive agenda,” stated ACEA Secretary General, Erik Jonnaert.
“Of course, there is a long way to go, and a lot of issues still need to be worked out,” Jonnaert cautioned. “However, we remain confident that the outcome will be positive for the EU and US economies as well as consumers on both sides of the Atlantic.”
EU-US auto-related trade currently accounts for some 10% of total trade between the two regions. Auto manufacturers active in both Europe and the US are global players with interests in both regions.
- The European Automobile Manufacturers’ Association (ACEA) represents the 15 major Europe-based car, van, truck and bus makers: BMW Group, CNH Industrial, DAF Trucks, Daimler, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Jaguar Land Rover, Renault Group, Stellantis, Toyota Motor Europe, Volkswagen Group, Volvo Cars, 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
- 14.6 million Europeans work in the auto industry (directly and indirectly), accounting for 6.7% of all EU jobs.
- 11.5% of EU manufacturing jobs – some 3.7 million – are in the automotive sector.
- Motor vehicles are responsible for €398.4 billion of tax revenue for governments across key European markets.
- The automobile industry generates a trade surplus of €74 billion for the EU.
- The turnover generated by the auto industry represents more than 8% of the EU’s GDP.
- Investing €62 billion in R&D annually, the automotive sector is Europe’s largest private contributor to innovation, accounting for 33% of total EU spending.