This dynamic economy holds a growth rate that grew from 2.2% in 2013 to 2.4% in 2014 and 2015, and it is projected to continue growing in 2016, reaching 2.5%. However, the expected annual growth rate will reach 2.3% in 2017.
The US has a predictable and stable environment for business investment, and is consistently ranked among the countries with the fewest political and security risks for businesses and their workers. The country considers itself as an economy open to the world. In this regard, the US is a top trading partner with the EU, accounting for 15.3% of the total trade in 2014 and 18.3% of the EU trade in terms of total exports in 2014. In terms of FDI outflow to the EU, an estimated EUR 69.5 billion have been transferred to the EU in 2014.
Moreover, the US has 14 FTAs in force with 20 countries as of January 2015. The US is negotiating a regional FTA, the Trans-Pacific Partnership (TPP), with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The US and the EU launched negotiations on the Transatlantic Trade and Investment Partnership (T-TIP) in June 2013.
Relations between the EU and US are excellent, with a established diplomatic relations as early as 1953, later formalised in November 1990 with the Transatlantic Declaration, and then the New Transatlantic Agenda (NTA) in December 1995. Within the NTA framework and in line with the Transatlantic Economic Partnership (TEP) launched in 1998, the Transatlantic Economic Council (TEC) was created in 2007 to take forward efforts to boost the transatlantic economy through identifying policies and measures to increase EU-US trade and investment to support job creation, economic growth, and international competitiveness. In keeping with the evolving political and legal environment of the EU, there is active cooperation across a host of sectors: cooperation in justice and home affairs, energy and energy security, environment, science & technology, and education & training. Together, the EU and the USA have the largest bilateral trade and investment relationship in the world, roughly 31% of the world trade and over 49% of the world GDP.
As previously stated, the US is a top technology advanced country, with organisations that are at or near the forefront in technological advances. In this regard, the US spent about 2.81% of its GDP in 2012 (GERD as a percentage of GDP) on R&D, which is slightly higher than the average of OECD countries (2.7%, 2012).Read less.