US Investigates EU Trade Barriers Against Small Business

As part of outreach efforts under the recently-launched United States-European Union (EU) Transatlantic Trade and Investment Partnership (T-TIP) negotiations, American small businesses will have the opportunity to voice their concerns on existing barriers to trade with Europe through a series of roundtables across the country.

The objective of the roundtables is to listen to and better understand small businesses' suggestions on how to reduce and eliminate those barriers, and help expand US small business exports to the EU. This major outreach effort to small businesses will help inform a US International Trade Commission (USITC) study commissioned by the Office of the US Trade Representative (USTR) to ensure that the US takes into full account the priorities of small businesses in the T-TIP negotiations.

In July, the US and the EU held the first round of T-TIP negotiations. The transatlantic economic relationship is already the world's largest, accounting for one third of total goods and services trade and nearly half of global economic output, while supporting 13m US and EU jobs. It was said that, as small and medium businesses are critical motors of growth, job creation, and innovation in both the US and the EU, negotiators intend to conclude an agreement that enhances small businesses' ability to participate in and benefit from new trade and investment opportunities.

It has been pointed out that trade agreements can particularly help smaller firms by tackling tariff barriers, burdensome customs procedures, discriminatory or arbitrary standards, and lack of transparency relating to relevant regulations in foreign markets, which can be especially costly to small companies with fewer resources relative to large firms.

The T-TIP roundtables are being convened by the USTR and USITC together with the US Small Business Administration, and will be held from September 9-27 in 20 US cities. There will also be public hearings in San Jose, California on September 26th and Washington, D.C., on October 8.

Source: Tax News