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Viviane Reding 29 October 2013

Viviane Reding 29 October 2013

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Published by: John York on Nov 03, 2013
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11/03/2013

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SPEECH/13/867 E
UROPEAN
C
OMMISSION
 
Viviane Reding
Vice-President of the European Commission, EU Justice Commissioner
Towards a more dynamic transatlantic area of growth and investment
Conference organised by the Peterson Institute, SAIS and the EU Delegation, Washington/Washington
29 October 2013
 
 2
Main Messages of the Speech 1/ On the recent US-spying revelations:
Friends and partners do not spy on each other. For ambitious and complex negotiations to succeed there needs to be trust among the negotiating partners.
We expect to see action from the US to rebuild trust.
2/ On the Transatlantic Trade and Investment Partnership (TTIP) and data protection:
There are challenges to get it [
the TTIP
] done and
there are issues that will easily derail it.
 One such issue is data and the protection of personal data. I warn against bringing data protection to the trade talks.
Data protection is not red tape or a tariff.
3/ What Europe expects from the US to fix the damaged trust:
Once a single, coherent set of rules is in place in Europe, we will expect the same from the US
. Inter-operability and a system of self-regulation is not enough.
Including a legal provision on judicial redress for EU citizens
, regardless of their residence, in the forthcoming US Privacy Act
 is an essential step towards restoring trust among partners.
 
 3 Ladies and gentlemen, Friends and partners do not spy on each other. Friends and partners talk and negotiate. For ambitious and complex negotiations to succeed there needs to be trust among the negotiating partners. That is why I am here in Washington: to help rebuild trust. You are aware of the deep concerns that recent developments concerning intelligence issues have raised among European citizens. They have unfortunately shaken and damaged our relationship. The close relationship between Europe and the USA is of outmost value. And like any partnership, it must be based on respect and trust. Spying certainly does not lead to trust. That is why it is urgent and essential that our partners take clear action to rebuild trust. This summer, the US and Europe started to negotiate a Trade and Investment Partnership. The objective is simple: we want to give the biggest possible boost to the transatlantic economy by opening our markets to each other. The objective is simple but negotiations are anything but simple. There are many challenges ahead. Yet if they are handled well and on the basis of mutual trust and confidence the results of the negotiations can be worth the effort. I will give you
three
 reasons: First, the agreement would bring tangible economic benefits to both the American and the European economies. Second, with the agreement we could cut red tape and build a more integrated transatlantic marketplace. And third, the agreement would have a positive impact on trade worldwide. With increasing trade and income, everyone wins.
First reason, the tangible economic benefits
Europe is the largest economy in the world
 with over 507 million consumers and a GDP of 12 trillion euro. The United States follows behind with a GDP of 11 trillion euro. Place both together, and you obtain significant economic gains. Economic growth as a result of the agreement is estimated at 119 billion euro a year for the EU, and 95 billion euros a year for the US. These benefits would cost very little because they would be the effect of removing tariffs that make it difficult to buy and sell across the Atlantic. In times of economic difficulties we must find sources of growth that are not a burden on public finances. Boosting trade can and will be a source of growth for our economies. If done correctly it will create more demand and supply without increasing public spending or borrowing. A successful TTIP could be a cheap stimulus package. Although tariffs between the EU and US are already low (on average 4%), the combined size of the EU and US economies and the trade between them means that dismantling remaining tariffs would have a significant impact on creating growth. The transatlantic trade and investment partnership could be a strong signal that the EU and the USA are committed to opening and deepening trade. This would also be a sign of  joint leadership on a global scale.

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