Deloitte CEO To Business Leaders: Form Transatlantic Free Trade Zone
By Big4 Staff Writers
In a recent speech, Jim Quigley, CEO of Deloitte, encouraged business leaders to think of free-trade proposals, which would include creating a transatlantic free trade area, for various services and environment-friendly products, as they follow the process of development of a trade agenda. He also stressed on the requirement for formation of a leadership role for Transatlantic Economic Council, which would be composed of government officials, in order to reinforce trade and investment operations between the markets of U.S. and Europe.
Mr. Quigley, who also holds the chair for U.S. in the TransAtlantic Business Dialogue commented, “This and other proposals such as a free trade area in services need serious debate and consideration. Opening trade and investment could put the European Union and U.S. economies on an innovation fast track toward more sustainable and environmentally responsible economic growth. Such approaches also offer strong alternatives to the rising chorus of protectionism that has grown in response to the global economic downturn.”
According to Mr. Quigley, this will not only translate to a means of high-valued creation of jobs and sustainable growth on both sides of Atlantic Ocean, but will also provide a countermeasure to the calls for protectionism.
He further stated that the United States and European Union, working side by side, “can and should be” the driving force towards quick economic recovery and long-term, sustainable growth. The combined gross domestic product of these two economies is roughly US$30 trillion, representing 45 percent of the world’s total GDP. “This is the time for strong transatlantic leadership. This investment to date has resulted in as many as 14 million high-quality jobs in the United States and Europe. We share a mutual interest in keeping our markets open to ensure that these investments continue and expand in the years to come,” he remarked.