The European Union and United States should aim to create 10 million new jobs by 2020 from a new trade and investment partnership, according to this study
• An aim to create 10 million new jobs in an open transatlantic market by 2020 and chart a roadmap towards that end.
• Repositioning the transatlantic partnership with regard to third countries to open markets and strengthen the ground rules of the international economic order.
• Opening the transatlantic services market, awakening the sleeping giant. Protected services sectors on both sides of the Atlantic account for about 20% of combined U.S.-EU GDP – more than the protected agricultural and manufacturing sectors combined.
• Eliminating bilateral investment barriers, aligning bilateral investment competences, and looking for common approaches to restrictions on investment in third countries.
• Adopting a goal to eliminate unnecessary regulatory differences by 2020. Overall risk stringency of risk-reducing regulatory decisions in the U.S. and EU is about the same.
• Boosting the transatlantic innovation economy. Bilateral U.S.-EU flows in research, development and innovation are essential to such leading-edge sectors as semiconductors, biotechnology and nanotechnology.
• Eliminating tariffs and other barriers to transatlantic trade and investment in environmental goods and services.
• Standing together for Intellectual Property Rights (IPR). A convergence of IPR regulations between the EU and the U.S. is estimated to generate an increase in national incomes by €0.8 billion ($1.1 billion) in the EU and $4.8 billion (€3.7 billion) in the U.S.
• Extending the rules-based multilateral system to new areas. While staying committed to the multilateral trade liberalization agenda under the auspices of the WTO, EU member states and the U.S. should work together and with other like-minded partners to extend the rulesbased multilateral system to new areas of endeavour.
• Codifying and aligning existing U.S. and EU free trade agreements to boost the multilateral system.
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