As a prelude to the signing of the Transatlantic Trade and Investment Partnership (TTIP), free trade agreement between the US and EU, trade groups representing plastics machinery manufacturers on both sides of the Atlantic have signed a declaration of intent on free trade within the industry.

The European Plastics and Rubber Machinery association, Euromap, and The Plastics Industry Trade Association, SPI, said the agreement is designed to strengthen their companies' competitive position in the global marketplace and help safeguard the industry's 65,000 jobs.

Together the European and American plastics machinery markets account for 50% of the global market with sales totalling €15 billion.

"The Transatlantic Trade and Investment Partnership, TTIP, is a milestone in terms of cooperation in our sector, and this should have a very positive impact on our business relationships," said William R. Carteaux, president and CEO of SPI.

A key feature of free trade is the complete dismantling of tariffs, which the associations said "will provide an instant boost for export sales of machinery."

Addressing opposition to TTIP, widespread in some circles, Euromap secretary general Thorsten Kühmann said "TTIP presents an opportunity not a risk. "Tens of thousands of jobs could be created in Europe and the US across the whole machinery-manufacturing sector."

In the hope of harmonizing safety standards, the parties to the machinery sector agreement have already set up international (ISO) working groups.

Both associations have urged the EU and the US to give greater consideration in their talks to the interests of the machinery manufacturing industry, which is largely made up of medium-sized companies.

"To date, the requirements of these companies have been largely ignored, although at 13% of total EU exports to the US, machinery manufacturers account for a greater share than the motor industry," Euromap said.