Country: Italy
Name of delegates: Chen Siyu &Shao Cuiyan (University of Macau)
Date: 2013/12/8
Topic: EU and U.S. Trade Relations
1. Introduction
The EU and the United States economies account together for about half the entire world GDP and for nearly a third of world trade flows. In 2012, the United States is the most important trade partner of the EU. EU imported from United States 205,170 million euros, ranking the third EU trade partner, and exported to United States 292,193 million euros, ranking the first as EU trade partner. Up to June, 2013, total United States investment in the EU is three times higher than in all of Asia while EU investment in the United States is around eight times the amount of EU investment in India and China together. Both United States and the EU are encouraging multilateral liberalization in a globalized world. In the G-8, G-20, the WTO and the OECD, the United States and the EU work together to promote an open, transparent, and non-discriminatory trade and investment climate worldwide.
For Italy, as one of the founding member states of EU, ranks the fourth in economic performance in EU. The United States and Italy cooperate closely on major economic issues, including within the G-8. The United States is one of Italy's most important trade partners. In the trade relations, United States is Italy’s third biggest export partners, taking account for 6.6% of total exports. However, Italy has suffered from economic crisis and recession with the -2.5%GDP growth rate in 2012 and -3.3% from 2006 to 2012. It encounters the emergency to improve and recover its economy through more free trades with the US.
2. Position
As a member of the European Union (EU), Italy is bound by EU treaties and laws, including those directly governing or indirectly impacting business investments. Italy strongly supports EU and U.S. free trade relations, expanding and deepening the cooperation in trade issues. Italy encourages removing trade