Statement by European Union Ambassador in Conjunction with Visit to Utah

Business Wire, Jan 23, 2008

WASHINGTON -- The European Union Ambassador to the United States, John Bruton, will visit Salt Lake City and Provo, January 23-25, to further strengthen the strong relationship between the EU and Utah.

During his visit, Ambassador Bruton will discuss EU-U.S. political and trade relations with Utah students, business leaders and public officials.

The Ambassador's visit includes a meeting with Governor Jon Huntsman, Jr. as well as a meeting with the First Presidency of The Church of Jesus Christ of Latter-day Saints. Ambassador Bruton will speak to students at Brigham Young University as part of the university's Ambassadorial lecture series, and hold a lecture at the Hinckley Institute of Politics. He will also address high school students in Provo. Furthermore, Ambassador Bruton will discuss EU-U.S. economic relations with Utah business leaders at a luncheon hosted by the Salt Lake Chamber of Commerce, Utah International Trade and Diplomacy Office, and the World Trade Center of Utah.

In conjunction with his visit, Ambassador Bruton issued the following statement:

It is easy for Americans to under-appreciate the value of the partnership the United States and the European Union have built over many decades and over-estimate potential opportunities in emerging economies, such as China. But at a time when America's attention is increasingly turning toward Asia, it is important to keep in mind that the $4 trillion economic relationship between the European Union and the United States is the largest, most profitable, most integrated and longest-lasting in the history of humankind. It is also the most important driver of global economic growth, trade and prosperity.

American companies earn more from their investments in Europe than from their investments in the rest of the world combined. Europe's investment in the U.S. totaled a record $1.3 trillion in 2006, almost a 13% rise from 2005 and more than triple the level of a decade ago. No other region of the world invests as much in the U.S. than Europe accounting for approximately 75% of total inward investment. Europe is also by far the most important source of jobs created by foreign direct investment in the U.S. It is estimated that the transatlantic economy employs 14 million workers on both sides of the Atlantic. These figures show that we have a huge stake in one another's success.

The European Union is the single largest economic body in the world. EU Member States account for 40 percent of all global trade - including considerable trade with Utah.

The EU is the number one source of foreign direct investment dollars flowing into Utah. Of the $12 billion total invested in Utah in 2005, $11 billion came from Europe. European investment in Utah supported an estimated 26,000 jobs in Utah in 2005.

The European Union is also Utah's largest export market. Utah exported over $3.3 billion in goods and services to the EU in 2006, a 54% increase since 2005. Utah's 2006 exports to the EU were more than three times greater than its exports to all of Japan, China, Korea, and India combined.

But the EU is more than a trade organization or a common market; the EU is a global player promoting peace, stability, prosperity, democracy and human rights. Collectively, the EU provides more than half (60%) of worldwide official development assistance. And of the estimated $2 billion spent annually on democracy-related aid projects worldwide, approximately half is spent by the EU.

The EU and U.S. face common challenges that are global in origin and impact. Based on our shared values, Europeans and Americans agree that we have an interest in promoting democracy, open markets, the rule of law and respect for property, including intellectual property. We need to fight terrorism together and work to mitigate its causes. We need to agree on a Doha trade deal which will bring down trade barriers to the benefit of the poorest countries.

Among the principal tasks that we face together is climate change. The burden of dealing with this huge problem must be shared fairly. No one can be exempt from making some contribution, but those who have already put the biggest amounts of CO2 into the atmosphere must make proportionately the biggest contribution. Just consider this: the average American generates 20 tons of climate changing CO2 per year whereas the average Bangladeshi generates just 0.3 of a ton of CO2 a year. Europe and the United States should take the lead.

The EU has taken a clear position on this and our goal is to limit global warming to 2 degrees centigrade above pre-industrial temperatures. If there is a global deal, the EU is proposing to reduce its own emissions to 30% below their 1990 level by 2020, and by 20% even if there is no global deal. This involves real sacrifices and goes far beyond anything the EU has done already.

But there is really no choice here. Europe and the United States need to act now before it is too late. We will all suffer from climate change. I am sad to note that the worst suffering will take place among the poor in the developing world. Over 98% of the 262 million people affected by climate disasters between 2002 and 2004 lived in the developing world.