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
4one-half of the entire world’s gross domestic product (GDP) and
5for nearly one-third of the world’s trade flows. The United States
6possesses 21.6 percent of the world’s GDP and the European Union
7possesses 25.1 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
16both economies. The United States and European Union have
17directly invested more than $3.7 trillion on both sides of the
18Atlantic; and
19WHEREAS, The United States is comprised of 315 million
20inhabitants, and the European Union is comprised of 508 million
21inhabitants; and
22WHEREAS, Total United States investment in the European
23Union is three times higher than in all of Asia, while European
24Union investment in the United States is around eight times the
P2 1amount of European Union investment in India and China together;
2and
3WHEREAS, A successfully negotiated Transatlantic Trade and
4Investment Partnership (TTIP) agreement would boost economic
5growth in both the United States and European Union and would
6greatly add to the over 13 million American and European jobs
7already supported by transatlantic trade and investment; and
8WHEREAS, Estimates predict that a landmark TTIP agreement
9between the United States and European Union could have
10enormous benefits, with up to 2 percent or $650 billion of
11additional GDP on both sides. Early findings indicate that the TTIP
12agreement would increase California exports to the European
13Union by up to 25 percent and create 65,000 new California jobs;
14and
15WHEREAS, Ratification of the TTIP agreement would benefit
16the United States and European
Union trade relationship by doing
17all of the following:
18(a) Further opening markets to grow the $459 billion in United
19States goods and services exports to the European Union, the
20largest export market for the United States.
21(b) Strengthening rules-based investment to grow the world’s
22largest investment relationship.
23(c) Seeking to both eliminate all tariffs on trade, and tackle
24costly nontariff barriers that impede the flow of goods and services
25trade.
26(d) Seeking to significantly cut the cost of differences in
27regulation and standards by promoting greater compatibility,
28transparency, and cooperation.
29(e) Promoting the global competitiveness of small- and
30medium-sized enterprises; now, therefore, be it
31Resolved by the Senate of the State of California, That the Senate
32urges the President of the United States and the United States
33Senate to respectively negotiate and ratify the Transatlantic Trade
34and Investment Partnership agreement with the European Union;
35and be it further
36Resolved, That the Secretary of the Senate transmit copies of
37this resolution to the President and Vice President of the United
38States, to the Majority Leader of the United States Senate, to each
P3 1Senator from California in the United States Senate, and to the
2author for appropriate distribution.
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