International Trade & Economics
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| The European chemical industry is an important creator of wealth. But to make its full contribution, it needs consistent rules and less government intervention. |
As one of the world's major industrial sectors, the chemical industry as a whole makes a massive contribution to welfare and employment around the globe. Western Europe is the world's largest chemicals producer, accounting for nearly a third of estimated world production. Throughout the EU, about 1.3 million people are employed in some 27,000 chemical companies and the industry provides further employment in a broad range of downstream industries.
A strong, thriving chemical industry is fundamental to Sustainable Development. Profits from chemical companies contribute to economies and provide the funds for research and development that lead in turn to new technologies and environmental improvements.
But to stay strong and thriving, the chemical industry needs fairer, more open conditions for international trade and investment through the reduction or elimination of tariff and non-tariff barriers. Indeed without trade, there can be no economic growth and therefore no Sustainable Development. We need a climate in which chemical companies can produce and trade their goods under clear rules with predictable consequences and investors can plan ahead with confidence. But for this to happen, we need less intervention by government and an end to the disproportionate tax burden often imposed on the business community.
To help address these challenges, Cefic has adopted a number of position papers. It also carries out economic analysis to help formulate relevant policies for the European chemical industry.
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| What future for European chemical industry? | |||||||||||
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