The Biggest Trade Deal in History?

Events that can have a real impact on our lives in Worcestershire often take place a long way from our county.

Last week in Lough Eyne, in Northern Ireland, the leaders of the world’s eight largest economies met to discuss issues like Syria, tax avoidance and trade. This meeting, the G8 summit, takes place every year. This year it was Britain’s turn to host and the Prime Minister, David Cameron, chaired the meeting and represented British views.

One area that was discussed was a potential trade deal between the European Union and the United States of America, the Transatlantic Trade and Investment Partnership. It could be the biggest trade deal in history. But what would a deal mean for people in Worcestershire?

Well it could be worth an extra £10 billion per year to our economy, or £380 per family. This extra money in our economy would also create thousands more jobs.

Reducing unnecessary rules and burdens on trade between the EU and the US would mean more trade. In turn, this will create more choice for consumers and lead to lower prices in our shops.

Freer trade always means more trade, so that means more jobs in exporting companies here in the UK as many British businesses enter the US market. At the moment, only one in five UK companies export. But, if barriers are broken down UK companies could expand as they build a bigger customer base in the US.

This kind of deal is only possible as long as Britain is a member of the EU. The USA wouldn’t have the incentive to negotiate such a deal with just the UK, because the gains wouldn’t be sufficient. But access to the whole European market makes it worth the effort for the Americans. Just one more reason to be glad we are a member of the European Union – there are jobs here in Worcestershire that would never exist if we left.


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