Forget TARP, let’s do a TAP

Data by the OECD advises the dismantling of trade barriers as it is economically most beneficial for the EU and the US, and could lead to up to 3.5 percent growth on both sides of the Atlantic. On that note, members of Business Roundtable (BRT) and the Federation of German Industries (BDI) met this week in Berlin and discussed proposals for US, German and other European business leaders to deepen US-EU relations through the creation of a new Transatlantic Partnership or TAP.

Andrew Liveris, Chairman and CEO of The Dow Chemical Company, believes that it is time for stronger transatlantic leadership on international trade, investment, and regulatory issues.

“Increased cooperation is essential to driving economic expansion in the United States and the EU.”

BRT is an association of CEOs of leading US companies with over $6 trillion in annual revenues and more than 14 million employees. BRT member companies comprise nearly a third of the total value of the US stock markets and invest more than $150 billion annually in research and development or nearly half of all private US’s R&D spending.

Prof. Dr. Keitel, president of BDI, which represents the interests of 100.000 businesses with 8 million employees said:

“An integrated transatlantic market is necessary to revitalise transatlantic leadership […] Especially in times of severe financial challenges, transatlantic leadership is necessary to avoid protectionist and discriminatory measures. ”

Clearly, in the business sector there is some doubt about current politicians in office being as skilled as the crisis environment demands.

* More details on this meeting, here.

* And for those who don’t quite remember what the TARP of the headline points at, here is a definition.