Non-tariff barriers in the United States faced by European Union exporters with trans-Atlantic trade aspirations are significantly more in number than those faced by U.S. companies trying to sell into the EU market, according to a new study published by the European Commission.
Conducted at the behest of the European Parliament, which has in the past pushed for a free-trade zone between the EU and the United States, the study indicated that if non-tariff barriers in the United States were lifted it would amount to a $158 billion boost for gross domestic production and an export increase of 2 percent.
For the U.S. the benefits if EU non-tariff barriers were lifted would amount to a gain of $53 billion for gross domestic product and an increase of 6 percent in exports.
The study, completed by Dutch consulting firm ECORYs on behalf of the EC, focused on 23 sectors and it determined that EU exporters to the United States faced non-tariff barriers higher in 16 of those sectors than US-based companies exporting to the EU.
According to the study, the sectors where EU companies face the highest non-tariff barriers when trying to enter the U.S. market concern aerospace, medical and measuring equipment, machinery, cosmetics and food and beverages.
For U.S.-based firms trying to trade into the EU market the sectors posing the most non-tariff barriers include aerospace, chemicals, textiles clothing and footwear.