The Alliance of Automobile Manufacturers is pushing for a provision in the Transatlantic Trade and Investment Partnership (TTIP) agreement that would consolidate U.S. and European Union automotive safety regulations.
The Auto Alliance has cited a new study that concludes U.S.-EU auto safety regulatory convergence could save the auto industry as much as $2.3 billion annually on a bilateral basis. The study is from the Center for Automotive Research.
The report also notes that vehicle buyers would benefit from regulatory convergence because of increased savings and better product choice. The analysis drew support from the Auto Alliance, American Automotive Policy Council, and the European Automobile Manufacturers’ Association.
“This study confirms that regulatory convergence has the potential to maximize safety, affordability, and employment," said Mitch Bainwol, president and CEO of the Auto Alliance. "Policies that reduce regulatory costs and thereby enable consumers to buy today’s safer and cleaner cars should be a no brainer. And by making cars more affordable, that helps boost auto-related employment on both sides of the Atlantic.”