Transatlantic Trade and Investment Partnership (TTIP)
Bilateral Trade Between the United States and the European Union
The United States and the European Union are the two largest trading partners in the world. On a daily basis, $2.7 billion of goods and services are traded bilaterally between these trans-Atlantic partners. In 2012 the United States exported $194 billion in services to the European Union, which accounted for 41 percent of total U.S. exports to the European Union. Currently the United States and the European Union also maintain $3.7 trillion in investment in each others economy. It is estimated that the Transatlantic Trade and Investment Partnership (TTIP) would create a trade zone of $34 trillion and boost U.S. GDP by over $100 billion.
What is the TTIP?
The TTIP is a comprehensive and high standard trade and investment bilateral agreement which promotes U.S. and EU international competitiveness, economic growth, and jobs. This comprehensive agreement looks to improve market access, develop rules for intellectual-based property, create market-based disciplines that address state-owned enterprises (SOEs), promote global competitiveness of small-and-medium-sized enterprises (SMEs), and eliminate barriers to trade, in particular non-tariff barriers to trade. Although the United States and the European Union have a highly integrated trading partnership, reducing costs and inefficiencies from regulatory differences are seen as the core of the TTIP negotiations.
The TTIP has the potential to be the benchmark for future global negotiations, reinforcing the need for a highly ambitious agreement that focuses on trade issues important in today’s global market.
As of November 2016, TTIP negotiations for this year have concluded and will transitioned for the new U.S. Administration to pick up and negotiate.
More Information on TTIP:
European Commission Documents