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Farm Futures: U.S., Europe Trade Deal A Challenge for Agriculture
The following article is an excerpt from “U.S., Europe Trade Deal A Challenge for Agriculture” by Janell Baum. Follow the link at the bottom of this post to read more from Farm Futures.
U.S., Europe Trade Deal A Challenge for Agriculture
Farm Foundation forum participants outline hurdles for TTIP, remain positive it can provide freer trade between U.S. and EU
As the first round of talks on the Transatlantic Trade and Investment Partnership kicked off Friday, agricultural trade experts say it marks the beginning of a challenging but hopefully rewarding process that could result in the largest trade deal in the world.
At present, the United States and the EU have about $2.7 billion of trade daily, and nearly $4 trillion is invested each other’s economies, said J.B. Penn of Deere and Co., moderator of a Wednesday Farm Foundation discussion panel comprised of agricultural trade experts.
Penn noted that the already significant trade relationship between the U.S. and the EU represents an opportunity for the U.S. to expand trade for many products, but a special opportunity for agricultural products, which account for the largest sector exported.
Many have noted the non-tariff trade barriers represent one of the biggest concerns for the agriculture and food industries.
“We believe TTIP offers a genuine opportunity to expand dairy exports,” said Sue Taylor, Leprino Foods Company. She noted that elimination of tariffs and regulatory barriers are the top priority for the dairy industry.
We want to “ensure that our products have access to the EU market without unwanted burdens. Unfortunately, this is currently not the case,” Taylor said.