TTIP: Big Opportunity for Small Business
November 13 2014 - 4:00AM
Business Wire
Study Cites Transatlantic Trade and Investment
Partnership Helps Both US and EU
According to a new report by the Atlantic Council conducted in
both the United States and the European Union, small and medium
businesses based in both America and Europe would benefit from
passage of the Transatlantic Trade & Investment Partnership
(TTIP). In survey research and interviews conducted with SMEs on
both sides of the Atlantic, the study** cites three core challenges
for SMEs: lack of clarity on how to get started, problems finding
the right clients, and what the report calls a “confusing mix of
regulatory differences and contradictory registration
requirements.”
“As two highly-regulated, highly-competitive, and
highly-integrated markets, it only makes sense the United States
and European Union endeavor to remove some of the unnecessary
barriers that still exist between them,” said Garrett Workman,
author of the study, commissioned by FedEx.
To address modern e-commerce trade issues, the TTIP agreement,
now in negotiation, will for the first time include a chapter on
SMEs and specific recommendations and reforms in customs and
regulatory coherence to help SMEs based in the U.S. and the
28-member EU countries increase exports between the two largest
economies in the world.
”With the tremendous increase in online shipping, it is
critically important to our small and medium-sized business
customers in America and Europe that we streamline rules, cut red
tape, lower tariffs and harmonize regulations to make transatlantic
trade simpler, cheaper and more seamless,” said Raj Subramaniam,
executive vice president, FedEx. “The goal of TTIP is to create a
mutually beneficial agreement that will open up more economic
growth and opportunities on both sides of the Atlantic.”
The study also provides key policy recommendations,
including:
- Eliminate transatlantic tariffs
- Raise duty-free threshold for shipping
to $800
- Simplify product testing and safety
certification processes
- Recognize equivalent standards
- Make regulatory process more
transparent
In addition, the report says demystifying the export process by
providing better shared resource information and an integrated,
regularly-updated website of available services across the US and
EU markets will enable more SMEs to become active exporters.
While TTIP can make a real difference in "jumpstarting" the
transatlantic economy, the effect of a successful TTIP agreement
goes beyond the US-EU trade relationship, says the author. It sends
“a strong message to international partners that open markets
paired with efficient regulatory regimes backed by the rule of law
remain the world’s most effective economic model."
* “The Transatlantic Trade and Investment Partnership: Big
Opportunities for Small Business” by Garrett Workman, Global
Business & Economics Program, Atlantic Council.
To download the study:
http://www.atlanticcouncil.org/publications/reports/ttip-sme-report
About FedEx
FedEx Corp. (NYSE: FDX) provides customers and businesses
worldwide with a broad portfolio of transportation, e-commerce and
business services. With annual revenues of $46 billion, the company
offers integrated business applications through operating companies
competing collectively and managed collaboratively, under the
respected FedEx brand. Consistently ranked among the world's most
admired and trusted employers, FedEx inspires its more than 300,000
team members to remain "absolutely, positively" focused on safety,
the highest ethical and professional standards and the needs of
their customers and communities. For more information, visit
news.fedex.com.
About the Atlantic Council
The Atlantic Council’s Global Business and Economics Program
works to strengthen the already deep economic integration between
Europe and the United States as well as promote transatlantic
leadership in the global economy. Bringing together top business
leaders, government policy makers, and economic experts, the
program explores transatlantic and global issues of importance to
the US and European business community. Our aim is to identify
areas for cooperation as well as convergence in policy in an effort
to promote an open and mutually beneficial environment for
transatlantic business and trade.
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FedEx Corp.Sharon Young, 901-871-2919sharon.young@fedex.com
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