US chems to benefit most from EU free-trade deal − group

10 December 2012 23:13  [Source: ICIS news]

NEW YORK (ICIS)--The US chemical sector would be the largest beneficiary of a Free Trade Agreement (FTA) between the US and EU, a trade group said on Monday.

"In 2011, the US chemical industry paid over $1bn [€780m] in duties and tariffs to the EU, with $600m [€780m] from organic chemical manufacturers," said Bill Allmond, vice president, government and public relations, for the Society of Chemical Manufacturers and Affiliates (SOCMA).

"We have a good opportunity to work with Congress and the White House in the coming weeks. An FTA would be huge for the US chemical industry," said Allmond.

The US and EU will decide on whether to proceed with an FTA before the end of the year, he noted.

If the US and the EU decide to proceed, an agreement could still take some time.

"We could foresee a signing ceremony by early 2014," Allmond said.

US chemical producers are already benefiting from the FTAs signed with South Korea, Colombia and Panama.

Between 2008-2010, the US chemical sector paid $892m in tariffs to South Korea with most coming from small to mid-size producers, said Allmond.

($1 = €0.78)

By: Joseph Chang
+1 713 525 2653

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