The European Automobile Manufacturers’ Association (ACEA), the American Automotive Policy Council (AAPC), and the Alliance of Automobile Manufacturers (Alliance) have reiterated their strong support for the Transatlantic Trade and Investment Partnership (TTIP), calling for a comprehensive automotive deal as the fourth round of negotiations takes place this week in Brussels.
The transatlantic auto industry's top priority in this negotiation is to achieve 'regulatory convergence' of existing US and EU auto safety standards, which means that these standards could be recognised as equivalent. In addition, the TTIP should help ensure that EU and US regulatory authorities closely cooperate to avoid future divergence on new regulations. The common goal is to ensure that vehicles and their components could be imported and exported without unnecessary burdens and costs.
AAPC, ACEA and the Alliance say they are convinced that the full potential of any ambitious agreement can only be reached if such regulatory requirements are included. The three associations have been working together since the announcement of the TTIP negotiations to develop an objective means to demonstrate that the high level of safety performance and outcomes of US and EU vehicles are essentially equivalent. EU-US auto-related trade currently accounts for some 10 percent of total trade between the two regions. Together, the EU and the US account for 32 percent of global auto production and 36 percent of global auto sales. Under a TTIP, the two regions would represent the largest share of auto production and sales ever covered by a single trade agreement.
First Published: Mar 18, 2014 17:19 IST