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The Society of Chemical Manufacturers and Affiliates (SOCMA) recently announced it welcomes President Obama’s announcement during his State of the Union address that the U.S. and the European Union (EU) will begin free trade negotiations.
“Trade agreements provide U.S. chemical manufacturers greater access to the world’s consumers and positively contribute to the growth of the U.S. economy,” said Lawrence D. Sloan, president and CEO. “Such agreements support domestic manufacturing jobs by offering access for our competitive, innovative products.”
The U.S. chemical industry reportedly stands to benefit the most from an U.S./EU FTA. In 2011, the industry paid more than $1 billion in tariffs to export to the EU, according to Bloomberg Government. Organic chemical manufacturers account for $600 million of that total.
Sloan said SOCMA will soon announce recommendations to help address non-tariff barriers, such as REACH. “Specialty chemical manufacturers are well-positioned to influence an agreement with the EU because of SOCMA’s well-established relationships with U.S. trade agencies and through our unique experiences with REACH,” Sloan said.
For additional information, visit www.socma.com.