Following the recent G8 summit on talks between the US and EU regarding a free trade agreement and specifically the Transatlantic Trade and Investment Partnership (TTIP) and as part of his recent US visit promoting Britain’s diplomatic and business efforts, British Foreign Secretary and First Secretary of State, William Hague gave a business-focused speech over lunch at the InterContinental Hotel in Los Angeles, California on June 26, 2013. The event was organized by the Los Angeles World’s Affairs Council and co-sponsored by the British-American Business Council of Los Angeles.
Mr. Hague began his speech with complementing and highlighting the already on-going co-operation between the state of California and the United Kingdom. The Foreign Secretary commented that there are presently eighty-thousand Californians already employed by UK companies and that on a larger scale, the United States and the United Kingdom have already begun the “global race for prosperity.” He went on to mention that the proposed TTIP would be the largest bi-lateral trade deal in history, because it would involve economies that combined and produced over half of the global GDP. Mr. Hague assured that the benefits would be enormous, with economic estimates boosts
of 0.5% to US and EU GDP, and would cause the creation of hundreds of thousands of new employment opportunities. For California, it is estimated that the agreement’s implementation would create an additional sixty-five thousand jobs and double its exports. Furthermore, the European Commission released a statement that for the EU this agreement means an average increase of €545 in income on average per European household.
Mr. Hague went on to say that the UK is preparing itself to become more competitive by also lowering its corporate tax from the current 28% to 20% by the year 2015, making its market even more attractive for US and EU companies once the TTIP is agreed upon and current legal and bureaucratic obstacles involved in trans-Atlantic trade are eliminated. The Foreign Secretary further re-affirmed that the TTIP is a “small window of opportunity” and emphasized that it is up to us to “take a major step towards securing prosperity” by using this opportunity.
The Los Angeles World Affairs Council (LAWAC) is a premiere public affairs organization serving Southern California. Since 1953, LAWAC has worked to promote greater understanding of global issues and current events by inviting knowledgeable, authoritative figures and influential world leaders to Los Angeles and providing them an open forum. Strictly non-partisan and non-profit, LAWAC does not endorse or support any political party, platform or position. The Council’s singular purpose is to “Bring the World to Los Angeles.”
The British American Business Council of Los Angeles is part of the largest transatlantic business network, with 23 chapters and 2,500 member companies, including many of the world’s largest multinationals, based in major business centers throughout North America and the United Kingdom.