Newspaper article The Journal (Newcastle, England)

US Treaty Will Open Doors for Consumers

Newspaper article The Journal (Newcastle, England)

US Treaty Will Open Doors for Consumers

Article excerpt


AN AGREEMENT in principle is expected on a controversial US trade treaty, Trade Minister Lord Livingston said on a trip to Tyneside.

The Minister of State for Trade and Investment was visiting BEL Valves' Newcastle operation yesterday to survey significant growth across its manufacturing and testing facilities. Construction is currently under way at BEL's St Peter's site on a new facility to accommodate increasingly larger valves for use in international oil and gas contracts.

Lord Livingston commended BEL, particularly in its direct work with BP across the world, and said a Transatlantic Trade and Investment Partnership (TTIP) would benefit business in the North East. He told The Journal: "Talks have been ongoing for a year and an agreement in principle is expected to happen next year.

"The TTIP will provide a lot of opportunity for companies in the North East and across the country. At the moment businesses face barriers to exporting to the US in terms of dif-dif fering standards, regulations and tariffs.

"If we can help to bring these standards together and eliminate tariffs it will open the door for companies to move into a huge market.

"It's not only good news for businesses, but consumers as well. If you've been on holiday to the US and seen their low prices - that will extend to consumers here under a partnership."

The TTIP is a proposed agreement between the European Union and United States which aims to open the transatlantic market for services, investment, and public procurement.

On his visit to BEL Valves, the Minister was shown how the firm is expanding its presence in the international oil and gas market through projects in South America, Azerbaijan and the west coast of Africa, among other areas.

Following the relocation of Rotary Power - another British Engines firm - to Simonside Industrial Estate, BEL Valves are investing PS15m in expanding their St Peter's production and testing facilities. …

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