U.S and France agree on free trade deal
Wednesday, February 12, 2014
WASHINGTON, D.C. - The U.S. and France vowed to boost their economic relations and step up their efforts to pursue a free trade agreement between the European Union (EU) and the U.S.
The U.S. President Barack Obama and French President Francois Hollande held a joint press conference in Washington on Tuesday.
In order to boost economic relations between the two countries, Obama said he hopes that the countries can work to increase exports and create jobs.
"I’m pleased to announce that we’re launching a new economic dialogue to expand trade, increase the competitiveness of our businesses, spur innovation, and encourage new entrepreneurs. Related to this, we’ve agreed to continue pursuing an ambitious and comprehensive Transatlantic Trade and Investment Partnership (TTIP)," Obama said.
The agreement is expected to increase exports by tens of billions of dollars, support hundreds of thousands of additional jobs and promote growth on both sides of the Atlantic.
Hollande said: "We really want to reach this agreement because this will contribute to growth. Developing world trade in a balanced manner is a precious contributing factor to growth for companies."
The TTIP will boost the EU's economy by €120 billion, the US economy by €90 billion, and the rest of the world by €100 billion, according to independent research released by the EU.
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