Brussels 19 September 2016 – Senior business representatives, including Rene van Sloten, Cefic Executive Director for Industrial Policy, defended the need to conclude TTIP. Said van Sloten, "Trade already takes place with or without TTIP. But with TTIP in place, SMEs would benefit with reduced red tape. It's a potential 1.5bn Eur saving a year for the EU chemical industry purely on the cost of doing business". He explained this is feasible while maintaining the EU's high safety and environmental standards.