Ambassador Lambrinidis Named “Ambassador of Global Trade”
Presented by State International Development Organizations (Sido) in Recognition of His Ongoing Efforts to Promote EU-U.S. Trade
More than 100 state economic development promoters gathered at the European Union Ambassador’s residence in Washington, D.C., on February 11 to celebrate transatlantic trade and investment ties that help create more than six million American jobs.
The event capped off the two-day State International Development Organizations (SIDO) Washington Forum, which brought together state business and commerce professionals and economic development experts from across the United States.
“We work day and night with every state represented here tonight,” said EU Ambassador to the U.S. Stavros Lambrinidis in hosting the delegates. “We share values and we must work together to address our common challenges. I look forward to continuing this strong cooperation with SIDO.”
Ambassador Lambrinidis stressed the significance of the EU-U.S. economic ties, citing:
· The EU and the US are the two largest economies in the world
· 47 out of 50 US states trade more with the EU than they do with China
· 21 US states export more to the EU than they do to any other place in the world
· 70 percent of all foreign investment in the U.S. comes from the EU.
SIDO President Signe Pringle, Assistant Secretary at the Maryland Department of Commerce, presented Ambassador Lambrinidis with the “Ambassador of Global Trade” award in recognition of his ongoing efforts to promote EU-U.S. trade. “There is so much that we can offer to each other and so much we can learn from each other,” she said, “including in such areas as innovation and technology.” Pringle said state development officials need to increase efforts to share the story of the EU-U.S. economic partnership in local communities across the United States.
SIDO delegates were quick to point out the benefits that transatlantic trade brings to their home states. Dan Hendrix, President & CEO of the Arkansas World Trade Center explained that, “the EU is very important for Arkansas, and the statistics speak volumes about the economic impact. Roughly 37,000 jobs are supported annually by EU investments and EU-U.S. trade in Arkansas. In 2017, exports from Arkansas to the EU amounted to $2.47 billion. We have more than 115 companies from the EU in Arkansas.” Hendrix added that it, “is imperative to continue this commercial growth” including by “building relationship with EU officials and extending invitations to diplomats to visit Arkansas.”
The Director of International Trade at the Nevada Governor’s Office of Economic Development Pawel Pietrasienski said, “In Nevada, we export close to $4 billion worth of goods and services to EU countries, which directly benefits our economy by creating better paid jobs when compared to non-export jobs. Additionally, companies from the EU have invested close to $7 billion in Nevada, adding wealth and more than 20,000 jobs to our economy.” More broadly, “the EU is a significant trading partner for every US state, and it is worth noting that the U.S. and EU enjoy a very balanced trade relationship benefiting both sides” Pietrasienski added.
Ambassador Lambrinidis said that trade, which benefits consumers and producers on both sides of the Atlantic, is part of the broader EU-U.S. partnership founded on shared common values. “The containers that carry goods across the Atlantic, also carry values, and unless we stick together, and uphold our values, we may find others setting the standards instead,” Lambrinidis said.
Ambassador Pjer Šimunović of Croatia, which currently holds the rotating presidency of the Council of the EU, reinforced this message that there are no better partners in the world than the EU and the U.S. “We appreciate US investment in the EU, and we’re proud of EU investments in the United States,” he said. EU investment in the U.S. tops $2 trillion annually, more than half the size of the US federal budget.
The EU and the US trade and invest with each other more than they do with any other country or region, and this trade and investment creates millions of jobs in the U.S. and Europe. Organizations such as SIDO play an integral part in maintaining and further expanding these robust economic ties.
