UK Diplomat: US-EU Trade Pact Would Mean $18B A Year For Texas Businesses
by: Andrew Schneider, February 20, 2013 1:02:00 pm
Deputy Ambassador Philip Barton is in Austin at the head of a British business delegation. The group met with a number of Texas lawmakers to promote the free trade agreement, as well as bilateral trade ties between Texas and the United Kingdom.
“Texas and the UK, I think, share two things. We’re both trading states and countries with an outward-looking view of the world, and we have deep economic links. And if we can find a way to reduce further the barriers to trade and investment between Europe and the United States, Texas will benefit and the UK will benefit.”
Barton unveiled a study, conducted by the Waco-based Perryman Group, examining just how much Texas would benefit from a US-EU free trade agreement.
Under the report’s most conservative scenario, business activity in Texas would gain $18 billion in spending per year, while Texas businesses would add roughly 90,000 jobs. Texas exported $29 billion worth of products to the European Union last year.
This year, Britain holds the presidency of the G8,representing eight of the world’s wealthiest countries. British Prime Minister David Cameron has made the launch of trade talks the top priority of the UK’s term. President Obama also called for the launch of such talks during his State of the Union message last week.