The National Electrical Manufacturers Association (NEMA) welcomed President Obama's announcement during the State of the Union address of his intention to enter the U.S. into comprehensive free trade negotiations with the 27-member European Union (EU) later this year. In 2012, NEMA urged the administration to launch such negotiations as part of a strategy to reduce uncertainty and raise the level of confidence for electrical manufacturers and associated services providers that want to trade and invest across the Atlantic.
"Tonight, I am announcing that we will launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the European Union—because trade that is free and fair across the Atlantic supports millions of good-paying American jobs," President Obama said.
"As a whole, the European Union is a major trade and investment partner for NEMA companies," said NEMA President and CEO Evan Gaddis. "Barriers between the U.S. and EU are already relatively low in many ways, but there is much more than can be done to ease commerce across the Atlantic, especially in emerging industries and technologies such as Smart Grid, electric vehicle charging, advanced lighting and medical imaging.
“We welcome President Obama’s announcement and look forward to working with both governments and our industry counterparts to maximize the market-opening benefits of the negotiations,” Gaddis added.
According to U.S. government data, U.S.-EU trade in electrical and medical equipment within NEMA’s scope in 2012 totaled approximately $15.8 billion.
NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.
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