FedEx Lauds Start of U.S. - EU Transatlantic Trade and Investment Partnership Negotiations
TTIP Negotiations an Opportunity for Economic Efficiencies and Leadership
MEMPHIS, Tenn.--(BUSINESS WIRE)-- As a connector of economies around the globe, FedEx Express, a subsidiary of FedEx Corp. (NYS: FDX) and the world's largest express transportation company, applauds the start of U.S. - EU Transatlantic Trade and Investment Partnership (TTIP) negotiations this week in Washington, D.C., emphasizing the opportunity for leadership and economic efficiencies.
"Connecting the U.S. and the EU is a large and important component of FedEx business, and we look forward to the TTIP facilitating trade and advancing our continued expansion and innovation in the services we offer our customers on both sides of the Atlantic," said Mike Ducker, chief operating officer & president, International, FedEx Express. "An ambitious, high-standard TTIP covering such a large proportion of global economic output will break down trade barriers and create alignment between the U.S. and EU on 21st century trade issues. The U.S. and EU must seize this moment to capitalize to the fullest on this global leadership opportunity, as the rewards will be enormous."
The value of trade in goods and services between the U.S. and EU already accounts for close to $1 trillion each year, and together the economies account for approximately half of global economic output. Connecting 95% of world's economies within 72 hours, FedEx is experienced in the movement of goods across borders and recognizes the economic efficiencies that can result from this agreement.
This is a primary consideration as products are increasingly manufactured with components from several countries before export to other countries, with the cost of goods moving across borders often affecting the cost of the final product multiple times during product development.
Today, 60% of world trade is made up of components that are part of the global supply chain.
"We encourage the TTIP negotiators to adopt and implement best practices to better facilitate trade and harmonize regulations affecting international commerce, including air cargo security regulations in particular," Ducker said. "They should also ensure unfettered market access and open and fair competition among delivery service providers, which will help the U.S. and EU achieve economic efficiencies for businesses and customers alike."
The express delivery service provided by FedEx enables customers to realize the efficiencies of "just-in-time" delivery strategies, reduces amounts of capital tied up in nonproductive inventory stockpiles, and maximizes the potential of global value chains.
About FedEx Express
FedEx Express is the world's largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air and ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee.
FedEx Corp. (NYS: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $44 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 300,000 team members to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.
Maury Donahue, 901-409-4229
KEYWORDS: United States Europe North America Tennessee
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