What You Need to Know about TTIP
The economic relationship between the EU and the US is by far the largest between any two trading blocs in history. Today, the EU and the US are responsible for almost half of world GDP. They share the largest bilateral trading partnership worldwide with nearly a third of world trade flows. Every day, about € 1.8 billion of transatlantic trade (in goods and services) takes place. The investment links are even more substantial. The EU and the US are each other’s most important source for foreign direct investment (FDI).
What is TTIP?
The transatlantic trade and investment partnership will be a trade pact based on the negotiations between the US and the EU. The aim of these negotiations is to further facilitate transatlantic trade by liberalizing all parts of the economy, including manufacturing goods, investments, the service industry and agricultural goods. This would have direct consequences on economic relations between US and the EU as the TTIP seeks to remove regulatory barriers and create new ways to embrace economic integration.
TTIP in Brief: Fact Sheet
The EU-U.S. transatlantic economy represents the largest economic relationship in the world, accounting for nearly 30 percent of global merchandise trade, about 40 percent of world trade in services, and nearly half of global GDP. In 2011, European investment in the U.S. accounted for 70 percent of total FDI in the United States, and Europe’s investment ows to the U.S. were seven times larger than those to China. Learn more about why these negotiations are so important and how both the EU and the U.S. will benefit by downloading our brand-new TTIP FACT SHEET.
What is being negotiated?
→ ways to prevent tariffs and tariff-rates quotas
→ market access for agricultural and industrial goods
→ investments → sustainable development
→ other economic measures related to all actors of the transatlantic trade
What are the direct implications?
EU Member states endorse the TTIP because they believe that it will generate growth, boost the economy and create jobs. The European Commission believes that this trade and investment partnership could generate $119 Billion a year to the EU and $95B to the US. An economic study carried by the European Commission also shows that european exports would increase by 28%, and that EU and US trade with the rest of the world would increase by 33%, benefiting not just Europe and the US. These agreements could indeed generate 2.2 million new jobs or an additional 1% of the EU total workforce. More here
As for the U.S, TTIP will help unlock opportunities for American families, workers, businesses, farmers, and ranchers through increased access to European markets for Made-in-America goods and services. This will help promote U.S. international competitiveness, jobs and growth. For a summary of objectives of the TTIP and its effects on the U.S. market, click here.
Keeping Tabs on TTIP
From July 13-17, the tenth round of the Transatlantic Trade and Investment Partnership (TTIP) negotiations between the EU and the US took place in Brussels. The EU and US chief negotiators held the closing press conference on Friday July 17 at 15.30 in the European Commission’s press room. For more information and to view parts of the conference, click here.
Transatlantic Trade and Investment Partnership: The Regulatory Part.
Presidents Barroso, Van Rompuy and Obama have made clear that reducing regulatory barriers to trade will be one of the most important ways that the Transatlantic Trade and Investment Partnership (TTIP) will help the European and American economies. Studies suggest that between two thirds and four fifths of the gains from a future agreement would come from cutting red tape and having more coordination between regulators. However, many people have questions about what this actually means. Here are the answers to some of them.
Benefits of TTIP
The TTIP will contribute to Europe’s economic growth, help us setting global economic rules and contribute to a stronger transatlantic partnership. More information here.
For further reading and documentation about the TTIP, visit our TTIP Resources Page
To get the latest information on TTIP, click here.