The Transatlantic Trade and Investment Partnership (TTIP) has been concluded to reduce regulations and trade barriers, and to create the world’s largest area of free trade and investments.
With the TTIP, the European Commission wishes to:
open US markets to EU companies, including the providers of public services;
decrease the bureaucracy encountered by exporting enterprises;
lay down new rules in order to facilitate and increase the fairness of transatlantic export, import and investments.
The Commission supports free trade but it should not be the reason to make sacrifices in areas where Europe has set its certain requirements – food safety, health care, social and data protection and cultural diversity.
The European Union and the United States of America are the world’s largest economies and trade partners, thus the public followed their negotiations with intense attention. The negotiating process caused heated emotions and gave birth to myths and urban legends, the partnership had both determined supporters and opponents.
The partners started their negotiations in 2013. The 14th round was held from 11 to 15 July in Brussels, and the 15th round from 3 to 7 October 2016 in New York.
The negotiations stopped after the United States presidental election. On his 4th day in office, President Donald Trump signed a regulation to cancel the TTIP.
Keywords: Transatlantic Trade and Investment Partnership; free trade; economic cooperation; global trade, international trade; international economic relations; deregulation, liberalization; economic policy; commercial agreements, commercial treaties, trade agreements; commercial policy, trade policy; European Union; United States of America.
Hashtags: #TTIP #TAFTA #EUtrade
Picture: Booklet “Transatlantic trade and investment partnership (TTIP). The opportunities for small and medium-sized enterprises”
Editor: Li Lind