What is the Transatlantic Trade and Investment Partnership (TTIP)?
Quick Facts on TTIP
- TTIP is a trade and investment agreement under negotiation between the EU and the US.
- TTIP is designed to drive growth and create jobs.
- Independent research shows that TTIP could boost:
- the EU's economy by €120 billion;
- the US economy by €90 billion;
- the rest of the world by €100 billion
- Talks started in July 2013.
The Transatlantic Trade and Investment Partnership (TTIP) is a trade agreement that is presently being negotiated between the European Union and the United States.
It aims at removing trade barriers in a wide range of economic sectors to make it easier to buy and sell goods and services between the EU and the US.
On top of cutting tariffs across all sectors, the EU and the US want to tackle barriers behind the customs border – such as differences in technical regulations, standards and approval procedures. These often cost unnecessary time and money for companies who want to sell their products on both markets. For example, when a car is approved as safe in the EU, it has to undergo a new approval procedure in the US even though the safety standards are similar.
The TTIP negotiations will also look at opening both markets for services, investment, and public procurement. They could also shape global rules on trade.
- What's in the negotiating mandate for TTIP?
- The core of TTIP: Tackling regulatory issues
- Investment Protection and Investor-to-State Dispute Settlement in EU agreements
The TTIP advisory group has met regularly since its launch in January 2014. Topics covered in meetings to date include regulatory coherence, sectors, investment protection and ISDS, and sustainable development.
Meeting reports are available here
The purpose of the group is to provide the EU negotiating team with expert advice on aspects of TTIP:
- Informal and temporary advisory group; members operate on voluntary, unpaid basis
- 14 individual experts representing balanced interests of wide range of stakeholders
- Operates in line with standard Commission rules on expert groups
Because the EU-US trade relationship is already the biggest in the world – every day we trade goods and services worth €2 billion, every trade barrier we remove could result in significant economic gains.
An independent report suggests that an ambitious agreement could result in millions of euros of savings to companies and create hundreds of thousands of jobs.
It's expected that every year an average European household would gain €545, as our economy would be boosted by 0.5% of GDP, or €120 billion annually, once fully implemented.
The extra economic growth will benefit everyone; boosting trade is a good way of boosting our economies by creating increased demand and supply without having to increase public spending or borrowing.