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EU ministers discuss trade partnership with US.

| BRUSSELS, April 18 (KUNA) -- EU Trade Ministers are closer to reaching the common position required to start negotiations on a new EU-US Trade and Investment Partnership Agreement, announced the Irish Minister for Jobs, Enterprise and Innovation, Richard Bruton, whose country holds the current EU Presidency.

"I am aiming to secure agreement on the EU mandate before the end of the Irish Presidency in June. I look forward to continuing to work with my Ministerial counterparts from across the EU to deliver on this important piece of work," he said.

Bruton made the statement after an informal meeting of EU trade ministers in Dublin Thursday to discuss key international trade issues.

International Trade Advisor to the US President, Mike Froman also attended the meeting. This is the first time a representative of the US Administration has discussed EU-US trade relations directly with EU Trade Ministers.

It noted that EU exports to the US would increase by 28 percent, or 187 billion euros, each year as a result of the increased trade from a new EU-US Trade Agreement.

An agreement between the two economic blocs would also increase global trade. This would produce an additional 6 percent growth in exports for the EU, bringing the total benefit to the EU of a new trade agreement to 220 billion euro.

"There is also huge potential for the EU in the conclusion of new trade agreements with Canada and in the longer term with Japan. We are also extending the reach of the EU's new trade agreements in key Asian markets where trade talks are underway with fast growing economies such as Vietnam, Thailand and Malaysia," said Bruton. (end) KUNA 182352 Apr 13NNNN

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Publication:Kuwait News Agency (KUNA)
Geographic Code:4EUBL
Date:Apr 18, 2013
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