The Regional Director for Communities highlighted today in Ponta Delgada the "fundamental role" of the Azores in the definition of political and geostrategic balances at an international level. However, he also stressed that transatlantic relations in today's world should be also regarded from an economic, commercial and business perspective.

"History and its various political, economic and social contexts have often recalled us - particularly those who have forgotten or disregarded it - the fundamental role of this archipelago in the definition of wider political and geostrategic balances at an international level," stated Paulo Teves at the opening session of the conference "Regionalism and Political Organisation - The United States and the Transatlantic Relation".

The Regional Director noted that "this transatlantic relation should be regarded in various perspectives," stressing the "economic, commercial and business" perspectives.

At the opening of this conference organised by the University of the Azores, Paulo Teves stated the importance of discussing issues related to Europe, the United States and the transatlantic relation, recalling that the Azores have always defended the importance of the archipelago's Atlantic centrality and the enhancement of its condition as outermost region.

Paulo Teves defended that in "global world, geography or location are not the only important factors; it is the interaction between various entities - State, Region, Municipalities in conjunction with companies private entities, the University and scholars - that provides a contribution to the growing importance of the Region in the development of this Atlantic area."

"In this context, it is important to remind the development in the negotiations on the creation of a comprehensive Transatlantic Trade and Investment Partnership between Atlantic geostrategic blocs - the European Union and the United States of America," stated the government official. The Regional Director also recalled that the EU and the USA "assure nearly half of the world GDP and one-third of world trade"; both economic blocs have over 800 million consumers.

"The strengthening of the transatlantic partnership in a commercial, business and investment perspective may also be regarded from the standpoint of regionalism and political organisation, particularly with regard to the role that the relation between European regions and U.S. states could play" in this context," stated Paulo Teves.

Citing data from the European Commission, the Regional Director said that the establishment of this partnership between the EU and the USA would allow an annual GDP growth of 0.5% in the European Union and of 0.4% in the USA until 2027, which would correspond to a total of 86 billion Euros in additional annual revenue for the European economy and 65 billion Euros in additional annual revenue for U.S. economy.