SJR 16, as introduced, Emmerson. Transatlantic Trade and Investment Partnership.
This measure would urge the President and United States Senate to negotiate and ratify, respectively, the Transatlantic Trade and Investment Partnership agreement with the European Union.
Fiscal committee: no.
P1 1WHEREAS, The United States and the European Union are
2each other’s largest trading and investment partners. The United
3States and European Union economies combined account for nearly
4half the entire world Gross Domestic Product (GDP) and for nearly
5a third of the world’s trade flows. The United States possesses
621.6 percent of the world’s GDP and the European Union possesses
725.1 percent of the world’s GDP; and
8WHEREAS, The transatlantic relationship between the United
9States and European Union also defines the shape of the global
10economy as a whole. Either the United States or the European
11Union is the largest trade and investment partner for almost all
12other countries in the global economy; and
13WHEREAS, Each day, goods and services worth $2.7 billion
14are traded between the United States and European Union,
15promoting economic growth and supporting millions of jobs in
P2 1both economies. The United States and European Union have
2directly invested more than $3.7 trillion on both sides of the
3Atlantic; and
4WHEREAS, The United States is comprised of 315 million
5inhabitants, and the European Union is comprised of 508 million
6inhabitants; and
7WHEREAS, Total United States investment in the European
8Union is three times higher than in all of Asia, while European
9Union investment in the United States is around eight times the
10amount of European Union investment in India and China together;
11and
12WHEREAS, A successfully negotiated Transatlantic Trade and
13Investment Partnership (TTIP) agreement would boost economic
14growth in both the United States and European Union and would
15greatly add to the over 13 million American and European jobs
16already supported by transatlantic trade and investment; and
17WHEREAS, Estimates predict that a landmark TTIP agreement
18between the United States and European Union could have
19enormous benefits, with up to 2 percent or $650 billion of
20additional GDP on both sides. Early findings indicate that the TTIP
21agreement would increase California exports to the European
22Union by up to 25 percent and create 65,000 new California jobs;
23and
24WHEREAS, Ratification of the TTIP agreement would benefit
25the United States and European Union trade relationship by doing
26all of the following:
27(a) Further opening markets to grow the $459 billion in United
28States goods and services exports to the European Union - the
29largest export market for the United States.
30(b) Strengthening rules-based investment to grow the world’s
31largest investment relationship.
32(c) Seeking to both eliminate all tariffs on trade, and tackle costly
33nontariff barriers that impede the flow of goods and services trade.
34(d) Seeking to significantly cut the cost of differences in
35regulation and standards by promoting greater compatibility,
36transparency and cooperation.
37(e) Promoting the global competitiveness of small- and
38medium-sized enterprises; now, therefore, be it
39Resolved by the Senate and the Assembly of the State of
40California, jointly, That the Legislature urge the President of the
P3 1United States and the United States Senate to respectively negotiate
2and ratify the Transatlantic Trade and Investment Partnership
3agreement; and be it further
4Resolved, That the Secretary of the Senate transmit copies of
5this resolution to the President and Vice President of the United
6States, to the Majority Leader of the United States Senate, to each
7Senator from California in the Congress of the United States, and
8to the author for appropriate distribution.
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