The United States and the European Union (EU) share the largest trade and investment relationship in the world, with more than $5.5 trillion in commerce every year and up to fifteen million jobs generated on both sides of the Atlantic. Currently under negotiations, the Transatlantic Trade and Investment Partnership (TTIP) will bolster this key partnership, increasing efficiency, spurring job creation, and generating opportunities for innovation and small and medium enterprises. At a time of slow recovery from the 2009 recession, a comprehensive agreement that protects high quality standards can send a powerful signal to the rest of the world, highlighting the United States’ and Europe’s dynamism.
In Ten Arguments for TTIP and the Concerns to Address, Earl Anthony Wayne and Andrea Montanino take on critics by arguing that TTIP will maintain and improve existing standards on issues like public health, environmental regulations, labor or safety issues, which already are some of the highest in the world. The EU and the United States have different approaches to standards and protections and each side has sectors where its system is stricter than the other. A more harmonious interaction of both systems can greatly reduce costs for businesses and consumers, increasing investment and competition, while setting international best practices that others may seek to mirror.
Read the full text here.
Compliments of the Atlantic Council