19.06.2014

Business in the U.S. and the EFTA countries see the joint benefits of the Transatlantic Trade and Investment Partnership (TTIP)

The Consulate General of Iceland in New York participated in various meetings on June 3rd to 5th in Washongton, D.C. with the EFTA delegation from government and business as well a delegation from the Ministry for Foreign Affairs.  The EFTA business delegation met with the US Chamber of Commerce, Norway Caucus, Trans Atlantic Business Association and USTR on the Transatlantic Trade and Investment Partnership (T-TIP).

The consulate participated as well in meetings with the Ministry for Foreign Affairs and the Embassy of Iceland in Washington, D.C. on TIFA with USTR and the EFTA government delegation with the USTR on T-TIP.

TIFA meeting on June 3rd from left: Hlynur Guðjónsson, Consul and Trade Commissioner, Ólafur Sigurðsson, Minister Counsellor, Directorate for External Trade and Economic Affairs , Ambassador Högni Kristjánsson, Director for External Trade and Economic Affairs, L. Daniel Mullaney, Assistant United States Trade Representative for Europe and the Middle East, Jason Buntin, Director for Europe and Middle East Affairs and Rebecca P Owen, incoming Economic Officer, US Embassy, Reykjavik

From left: Hlynur Guðjónsson, Consul and Trade Commissioner, Ólafur Sigurðsson, Minister Counsellor, Directorate for External Trade and Economic Affairs , Ambassador Högni Kristjánsson, Director for External Trade and Economic Affairs, L. Daniel Mullaney, Assistant United States Trade Representative for Europe and the Middle East, Jason Buntin, Director for Europe and Middle East Affairs and Rebecca P Owen, incoming Economic Officer, US Embassy, Reykjavik

The EFTA business delegation and US Chamber of Commerce issued the following statement after their meeting on June 4th:

Business in the U.S. and the EFTA countries see the joint benefits of the Transatlantic Trade and Investment Partnership (TTIP)

Representatives of the U.S. Chamber of Commerce and EFTA business associations met in Washington on 4 June 2014.

The business community in the U.S. and the EFTA states welcomes the TTIP negotiations between the EU and the U.S. Although the EFTA states (Iceland, Liechtenstein, Norway and Switzerland) are not part of the negotiations, business agrees that a Transatlantic Trade and Investment Partnership will potentially benefit trade and investment between EFTA countries, the United States and the EU. 

The TTIP negotiations are aimed at cutting tariff and non-tariff barriers between the EU and the U.S. This will lead to increased economic growth and will have a positive spill over for business in the EFTA countries. 

Any attempt at cutting red tape and improving market access is especially welcome. However, the better the EFTA countries are integrated in the future transatlantic free trade zone, the bigger the economic benefits for the U.S., the EU and the EFTA. 

Business urges the governments of the U.S. and the EFTA to stay in close contact during the negotiations in order to exchange information and assess the impact of the TTIP on the EFTA states. The potential for EFTA countries to join the TTIP after the EU and the US have reached a deal should be considered as the negotiations progress. The business community stands ready to offer its input.

The EFTA states are in a unique position as they have close relations with both the EU and the U.S.  TTIP offers strong potential benefits as highly competitive supply chains covering the U.S., the EU and the EFTA countries lead to innovation, growth and jobs. 

These organizations participated in the meeting: 

U.S.: U.S. Chamber of Commerce
Iceland: Confederation of Icelandic Employers, Federation of Trade & Services, American –Icelandic Chamber of Commerce 

Liechtenstein: Liechtenstein Chamber of Commerce and Industry
Norway: Confederation of Norwegian Enterprise (NHO), The Norwegian Shipowners' Association, Enterprise Federation of Norway (Virke)
Switzerland: economiesuisse (Federation of Swiss Business), Scienceindustries



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