Transatlantic Trade and Investment Partnership
This report on Transatlantic Trade and Investment Partnership (TTIP) explains history and content of the deal, advantages and disadvantages of the deal, groups and parties in favour and against the deal and wider implications of TTIP on globalisation.
What is the TTIP and how did it come about?
Leaders at the EU-US summit of November 2011 set up a working group to find ways to increase growth and competitiveness, given shared concerns over economic stagnation and frustration at the lack of progress in the Doha round of multilateral trade negotiations. The working group finalised their report in February 2013, recommending a "comprehensive" bilateral trade agreement, which later became known as TTIP.
TTIP is a comprehensive free trade and investment treaty currently being negotiated – in secret – between the European Union and the USA. As officials from both sides acknowledge, the main goal of TTIP is to remove regulatory ‘barriers’ which restrict the potential profits to be made by transnational corporations on both sides of the Atlantic.
Tariffs between the EU and US are already low - averaging around 3% - and both sides foresee they will be eliminated under the agreement. The main focus of negotiations is on harmonising regulations, reducing "non-tariff barriers" to trade, or getting rid of them if they 're deemed unnecessary. For example United States and EU regulators have different requirements for testing the safety of cars, drugs and soft furnishings. Going through the different tests is expensive for firms, particularly in developing new medicines. TTIP aims to reduce those costs by bringing in common standards. Other areas being contemplated include protection for foreign investors, co-operation to achieve greater participation by small businesses in EU-US trade and a controversial procedure to resolve investment disputes between the US and EU.
Who supports TTIP and what do they say it will achieve?
The supporters of TTIP such as British
What is the TTIP and how did it come about?
Leaders at the EU-US summit of November 2011 set up a working group to find ways to increase growth and competitiveness, given shared concerns over economic stagnation and frustration at the lack of progress in the Doha round of multilateral trade negotiations. The working group finalised their report in February 2013, recommending a "comprehensive" bilateral trade agreement, which later became known as TTIP.
TTIP is a comprehensive free trade and investment treaty currently being negotiated – in secret – between the European Union and the USA. As officials from both sides acknowledge, the main goal of TTIP is to remove regulatory ‘barriers’ which restrict the potential profits to be made by transnational corporations on both sides of the Atlantic.
Tariffs between the EU and US are already low - averaging around 3% - and both sides foresee they will be eliminated under the agreement. The main focus of negotiations is on harmonising regulations, reducing "non-tariff barriers" to trade, or getting rid of them if they 're deemed unnecessary. For example United States and EU regulators have different requirements for testing the safety of cars, drugs and soft furnishings. Going through the different tests is expensive for firms, particularly in developing new medicines. TTIP aims to reduce those costs by bringing in common standards. Other areas being contemplated include protection for foreign investors, co-operation to achieve greater participation by small businesses in EU-US trade and a controversial procedure to resolve investment disputes between the US and EU.
Who supports TTIP and what do they say it will achieve?
The supporters of TTIP such as British
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