Hon.
American President Mr. Barack Obama,
Mr.
President, it is a great pleasure writing to you again on transatlantic
relationship for European Union and the United States of America. America is
Europe’s closest partner in Transatlantic Trade and Investment. It would be the
most significant bilateral FTA. It does matter because it’s covering
approximately 50 percent of global output, 30 percent of world merchandise
trade and 20 percent of global FDI. Thus, both US and EU gains for fiscal
consolidation and high employment as no additional spending or borrowing will
be needed to achieve fiscal consolidation and high employment of the US and the
EU. Indeed, cost reductions will benefit businesses and generate growth and
employment in the US and the EU but reducing barriers to business would accord
greatest economic benefits than tariffs as tariffs between the EU and US are
already low. I hope that this press conference to commit to remove all duties
on transatlantic trade and enhance trade in value added. Moreover, trade and
investment liberalisation is the most important potential gains to remove all
necessary and costly bottlenecks to trade and investment and reducing barriers
to business in the US and the EU to achieve fiscal consolidation and high
employment. Now the EU has the opportunity to show the world just how effective
such cooperation can be and can deliver results on the world stage. In my
opinion, US standards of regulation are not necessarily equal or higher than EU
standards as financial regulation is stricter in the US than EU whereas data
protection, environmental and consumer protection standards tend to be higher
in the EU than US. Thus, EU-US transatlantic relations only success if lower or
compatible standards prevail, in practice. I urge that US negotiators to strive
for a comprehensive, ambitious and compatibility standards of the US and the EU
in all sectors to accelerate the growth and employment of the US and the EU.
EU-US transatlantic trade should enshrine institutional competition in monetary
policy, tax policy, the US foreign account deficit, EU foreign account deficit,
the euro-dollar exchange rate, public services and the state of the
transatlantic trade relationship should be balanced. It should remove
regulatory barriers by proactive and pre-emptive measures to eliminate existing
barriers and prevent future ones and should strive for regulatory convergence,
ex ante as well as ex post convergence.
Mr.
President, at an institutional level, US development policy already
experiencing significant changes in your administration whereas the
implementation of the Lisbon Treaty will bring positive changes in the EU.
However, we should not forgotten that any effort to change development policy
or standards to accelerate the growth and employment of the US and the
EU.
Mr.
President, I have an unyielding faith with US negotiators to strive for
compatibility standards with EU negotiators in all sectors to accelerate the
economic growth and employment of the US and the EU and deliver results on the
world stage.
Thank
you for your attention Mr. President!
God Bless You! God Bless United States of
America and the Europe!
ATHINARAYANAN
SANJEEVRAJA
APRIL
3, 2014
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