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Amid negotiations between the United States and the European Union over a sweeping free trade agreement called the Transatlantic Trade and Investment Partnership, a recent report showcases Georgia’s strong economic ties with one longstanding European partner, Sweden.
According to a publication by the Embassy of Sweden in Washington, Georgia stands among the top 10 U.S. states for total jobs supported by both Swedish-affiliated companies and exports of goods and services to Sweden.
The study finds that out of more than 300,000 jobs in the U.S. that are directly supported by economic interactions with Sweden, nearly 12,000 can be found in Georgia.
In addition to demonstrating the state’s current economic standing, the report indicates that the potential U.S.-EU trade agreement would significantly impact Georgia’s top goods export to Sweden, which is chemicals. The study predicts that the TTIP could produce an increase of over $550 million in exports of chemicals to the entire EU.
As the 12th largest foreign investor in the U.S. by gross capital investment, Sweden maintains an economic relationship with Georgia that reflects the larger dynamic between the U.S. and EU and their ambition to forge an effective trade deal that can stimulate international markets and benefit both sides.
On Wednesday, Sept. 10, the Trans-Atlantic Business Council hosted a discussion on the TTIP at the Emory University School of Law in Atlanta. Kurt Kuehn, chief financial officer at UPS, weighed in on the topic as the keynote speaker, emphasizing the potential benefits of the deal for small and medium-sized companies.