The Transatlantic Business Council (TBC), a combined entity resulting from the merger of the former European-American Business Council (EABC) and TransAtlantic Business Dialogue (TABD), formally opened on Thursday.
The 90 member-company TBC will be headed by director general Tim Bennett, with offices in Washington and Brussels. The council has been set up to advocate for the timely negotiation of a comprehensive EU-U.S. economic agreement that further liberalizes trade and investment and promotes greater regulatory and standards convergence.
“We are excited about the unique mix of experience in international public policy and association leadership that Tim brings to this new venture,” said Jim Quigley, chief executive officer-emeritus of Deloitte and TABD co-chairman. “With his extensive background in a host of international trade and investment issues and prior work on the U.S.-EU economic relationship, Bennett will be able to quickly establish the TBC as a business sector leader in educating U.S. and European policymakers on the need for and importance of the removal of remaining trade and regulatory barriers.”
Bennett has more than 35 years of experience in international trade and association management. Most recently he headed a government relations consulting practice. Prior to that, he served as president of the Cyber Security Industry Alliance (CSIA) until its merger with the Information Technology Association of America (now TechAmerica). Before CSIA, he was chief operating officer and executive vice president of the American Electronics Association.
“It has been 50 years since the two sides of the Atlantic have simultaneously faced such critical economic issues,” Bennett said. “Further work on strengthening the EU-U.S. economic relationship must be addressed now.”
Despite the growth of new players in the international economy, the EU-U.S. relationship still accounts for almost 50 percent of global GDP, with about $2.7 trillion in transatlantic foreign direct investment supporting more than 7 million jobs on each side. Bilateral trade exceeds $2.7 billion a day. - Eric Johnson