TTIP support a much-needed boost for businesses and consumers

Los Angeles

Conservative MEP for Wales, Kay Swinburne, has welcomed today's vote in support of the proposed EU-US trade agreement, known as TTIP.

The agreement has the potential to deliver real, tangible benefits for consumers and businesses across the EU.

A comprehensive deal with the US would benefit the economies of EU countries to the tune of €120bn - that is an average £433 in extra disposable income for a family of four in Wales each year.

Investor protection is a necessary component of all trade deals and so, MEPs agreed that TTIP should be accompanied by a suitably reformed and highly transparent investor protection mechanism.

This will allow European businesses to invest with confidence, knowing that they will be treated fairly and not discriminated against, while ensuring that governments will continue to be able to regulate in the public interest.

Dr Swinburne said:

“I am extremely pleased to see the European Parliament give its clear backing to TTIP today.

“An ambitious transatlantic trade agreement will be good for jobs and good for prosperity in Wales.

“By reducing red tape and removing tariffs and other trade barriers we will make it easier for our firms to export to the US and give them access to a marketplace of 300 million US consumers; this will be a huge opportunity for Welsh businesses and one which our SME’s are particularly likely to benefit from.

“However TTIP, with adequate safeguards for public services, including NHS Wales, will not just be good news for businesses, it will also deliver for consumers in Wales, who stand to benefit from the removal of tariffs on everyday goods and who will be able to choose from a wider range of products at a cheaper price.

“It is estimated that TTIP could be worth £1.5bn to the Welsh economy, so the opportunity for Wales is clear.

“I firmly believe that by supporting TTIP I am backing a crucial trade deal that will provide a significant boost to the Welsh economy and deliver real benefits for consumers and businesses of all sizes throughout Wales.

“I hope that with Parliament's support for TTIP now officially on record, a swift and successful conclusion of the negotiations can be reached."