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AN AMBITIOUS SUMMIT TOWARDS WORLD’S LARGEST FREE-TRADE DEAL WITH EU


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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