EU Ambassador John Bruton said today that the cross-Atlantic relationship was worth $2.5 trillion, and that EU's member states account for almost a third of the global economy.
His statement came as he addressed a lunch hosted by the American Chamber of Commerce in Dublin today. Mr. Bruton said that as public attention is turning toward Asia, it is important to keep in mind that the $2.5 trillion economic relationship between the EU and the US.
He said this relationship represents the largest, most integrated and longest lasting economic relationship in the world, supporting 14 million jobs, including 7 million in the US.
He pointed out that the EU's member states account for almost a third of the global economy and 40% of all global trade, making it the world's most significant trading area.
'We should be mindful of the fact that there are more European investments in the state of Texas than US investments in China and Japan combined, and that American companies obtain three times as many profits from their investments in just one European country, Ireland, as they do from all their investments in China', he said.
Ambassador Bruton also said that European investment was equally important to the US as American investment was in Europe and that
that important factor driving this successful collaboration is the unique nature of the EU.
'The EU is unlike any organisation in the world. It is made up of 25 nations, with 450 million consumers that have come together so decisions on some specific matters, such as trade, can be made on behalf of all of them. The result, from an American standpoint, is a virtually trouble free, $1bn a day trade relationship. From an EU viewpoint, together, as 25, we carry more weight than if we approach the US separately'.
