American business leader sounds alarm on EU-US trade rows
Brussels, 22 March 2001 - The new chairman of the US Council for International Business, ICC's affiliate in the United States, has sounded the alarm over persisting transatlantic trade disputes, warning of damaging consequences for business.
Speaking at a conference on EU-US relations in Brussels, Dean O'Hare, chairman and chief executive of insurance company Chubb Corp. called on business leaders in Europe and America to unite
and fight for trade liberalization. He warned that disputes over issues such as EU banana imports and US export subsidies could be "spiraling out of control."
He said: "The simple fact is that my business and all of your businesses depend on access to foreign markets for future growth. If we can't gain access to these markets, we will stop growing and, if that happens, we will stop generating jobs at home and abroad. As a result, our employees, suppliers, distributors and customers have a vital stake in promoting trade liberalization."
Mr O'Hare said that in talks with EU officials in Brussels he would voice his concerns "about the negative impact on business of these ongoing trade disputes and the corrosive effect they can have on broader trade liberalization.'' Mr O'Hare took over as Chairman of the USCIB at the beginning of the year, succeeding Richard D. McCormick, now President of ICC.
"In addition, I will suggest that significant portions of the European economy, represented by the services sectors, could well be sacrificed in these disputes to more narrow interests,'' said Mr. O'Hare, who is a trade policy advisor to President George W. Bush.
The United States and the EU are at loggerheads over a number of trade issues, including the EU's banana import rules, its ban on imports of hormone-treated beef, and US tax breaks for businesses.
Mr O'Hare said that fresh opportunities for the two sides to resolve their differences were now evident, with the arrival of the Bush administration in Washington and the "positive rhetoric" on trade disputes from EU Trade Commissioner Pascal Lamy.
But the real impetus must come from business leaders on both sides, he said.
"Only active involvement by the private sector and inspired political leadership will bring the substantive changes in policy and approach needed to reestablish the strong transatlantic relationship that has underpinned the tremendous economic growth and liberalization of world markets over the last 50 years,'' he said.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 5,000 agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.