German industry federation BDI has been forced to slash its estimate of the economic benefits for Europe of a proposed U.S.-EU free trade pact by a factor of 10, it conceded Wednesday (11 March).
The BDI had said online that the controversial trade deal would spell an economic boost of about 100 billion euros a year for the EU – roughly the economic benefit other experts forecast over a decade.
Following repeated questioning by Foodwatch, a non-government group, the BDI drastically revised down the estimates published on its website on the positive effect of a Transatlantic Trade and Investment Partnership, or TTIP.
“It is correct that our communication may have given the impression that an annual boost to the economy of 100 billion euros could be expected,” the BDI’s TTIP expert, Stormy-Annika Mildner, wrote in a letter to Foodwatch chief Thilo Bode. BDI had “immediately corrected” the corresponding passage on its homepage and added additional explanations, Mildner wrote. Click here to read more.