Emmanuel Macron was officially sworn in as the president of France on May 14, which will be good for the future of international trade between France and countries across the globe, according to DHL Express U.S. CEO Greg Hewitt.
The inauguration of Emmanuel Macron as France’s new president is widely viewed as good news for the European Union, which Macron supports, and for the future of international trade between France and countries worldwide, including the United States, according to DHL Express U.S. CEO Greg Hewitt.
Macron was officially sworn in as the president of France on May 14.
As of April 2017, the U.S. Census Bureau ranked France as the nation’s eighth largest trading partner, following Canada, China, Mexico, Japan, Germany, South Korea and the United Kingdom.
“France is key to global trade prospects of thousands of U.S. companies – including many in the aerospace and technology sectors – and its continued ties to the EU could prove essential for future planning and success,” Hewitt wrote in a recent DHL Expressed blog post. According to the International Trade Administration, 25 percent of bilateral trade between the U.S. and France is related to the aerospace industry, he said.
Overall, Macron has expressed an overriding belief of the value of free trade agreements, Hewitt explained. Macron was the only candidate who supported the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada. In addition, he voiced support for the Transatlantic Trade and Investment Partnership (TTIP), a proposed trade agreement between the EU and the U.S.
However, Hewitt noted the new French government may also pursue some policies that aim to protect European economic interests, since for instance, Macron expressed support for a Buy European Act.
“While France’s trade policies will likely evolve in the coming months, the new government’s commitment to the EU as an engine of economic growth is generally a positive sign for the global movement of goods and services – and for U.S. companies that benefit from global trade,” Hewitt said. “Consider the fact that EU countries together rank second as an export market for U.S. companies, and that our total trade with the EU amounted to an estimated $1.06 trillion in 2013, according the Office of the United States Trade Representative. A stronger EU promises greater stability for world markets.”
DHL’s Hewitt: France’s new president good news for international trade
