Why a trade agreement between the EU and the US?
International trade is important for the Netherlands and the European Union (EU). Like international investment, it generates economic growth and employment. Around a third of the Netherlands’ national income is related to trade.
The importance of international trade for the Netherlands
According to Statistics Netherlands (CBS), 59% of the Dutch population work for a company that imports and/or exports goods and services. In addition, 800,000 people work for foreign companies operating in the Netherlands. Trade is therefore very important to our economy.
That’s why the Dutch government aims to make effective international trade deals. Like the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the US.
The Netherlands stands to gain from this trade agreement between the EU and the US. The Dutch and American economies are already closely linked. The Netherlands is the third largest investor in the US. While the US is the Netherlands’ largest trading partner outside the EU. The Netherlands exports goods to the value of €20 billion to the US every year.
For more information, see What are the possible benefits of TTIP?
TTIP is not new
TTIP is not the first trade deal the EU has concluded. It already has agreements with countries including South Africa, Mexico, Chile, South Korea, Peru and Colombia. Negotiations with Singapore and Canada have also been completed. And the EU has reached an agreement with Vietnam.