The European Union and the United States must create a trans-Atlantic Free Trade Area (TAFTA) if we are to emerge more quickly from the tunnel of the crisis. The point was made by Foreign Minister Giulio Terzi, opening a workshop on trans-Atlantic relations organised by the Farnesina in collaboration with the Institute for International Affairs and the German Marshall Fund of the United States.
A €163 billion increase in GDP
Terzi reminded participants that, according to a study by the EU Commission, a free trade area will produce an increase in GDP on both sides of the Atlantic of €163 billion, a 50% increase in trade and 7 million new jobs. […] According to the negotiators, the agreement should be sealed in the next two years. At the same time, the EU is negotiating a similar agreement with Canada”, he added.
TAFTA will bring great benefits to western middle classes
The TAFTA “will bring great benefits to western middle classes and could be our best response to the challenges of globalisation”, noted Terzi. The minister underscored that “growth through trade and liberalisation is a reliable alternative to traditional deficit-spending measures”. The success of the negotiations “could also promote cohesion within the European Union”.
