Automakers have expressed their support for a free trade deal between the United States and European Union that could significantly reduce costs on both sides of the Atlantic.

Automakers have expressed their support for a free trade deal between the United States and European Union that could significantly reduce costs on both sides of the Atlantic.

According to the Association of Global Automakers trade group, the deal can "promote economic growth, increase jobs and enhance the global competitiveness of U.S. and European producers — both in general and within the automotive sector in particular — through regulatory convergence, mutual recognition, the elimination of tariffs and other facilitation measures.”

The group is also pressuring the United States and the European Union to reach an agreement which would create standards for vehicle emissions, occupant protection and various safety systems. As Chris Marchand, executive vice president of operations at Jaguar Land Rover North America, explained "The slightly varying safety and environmental restrictions that exist on a country-by-country basis impose on the international automobile industry a significant burden of creating production lines that will accommodate each of these slightly varying standards, at a cost to the purchasing public that far exceeds its benefits.”

It's still too early to say how much consumers would benefit but both Jaguar Land Rover North America and Ferrari North America are pushing for an immediate end to the 2.5 percent tariff on cars imported into the United States from Europe.

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