U.S.-European Union trade pact could add billions to Texas economy, study says [View all]

[TexasTowelie]

Texas exported more than $29 billion of goods and services to the European Union last year, but an economic projection released Wednesday suggests that figure could shoot significantly higher if U.S. and E.U. officials can hammer out a long-sought free-trade agreement.

If negotiators reach a pact to eliminate tariffs between the United States and the 27 E.U. member countries, Texas would stand to gain at least $9.1 billion in annual business activity by 2020, according to the report by the Perryman Group, a Waco-based economic consulting firm.

That number could rise as high as $17 billion if other trade obstacles are eliminated and if companies capitalize on the productivity gains that would likely arise from freer business interactions, according to the report, which was commissioned by the British Embassy.

Collectively, that activity could help generate anywhere from 89,000 to 166,000 Texas jobs, according to the report, which considered a range of factors such as trade flows, price responses and projected patterns of the state’s competitiveness in attracting European trade.

More at http://www.statesman.com/news/business/us-european-union-trade-deal-could-add-billions-to/nWTdp/ .