- T-TIP is a trade and investment agreement under negotiation between the EU and the US.
- T-TIP is designed to drive growth and create jobs.
- Independent research shows that T-TIP could boost the EU’s economy by $165 billion a year, the US by $130 billion a year and the rest of the world by $136 billion. This translates to an extra $750 in disposable income each year for a family of 4 in the EU, on average, and $910 in the US.
- Talks started in July 2013.
Source: The European Trade Commission
What T-TIP aims to do for US businesses:
- Further open EU markets, increasing the $458 billion in goods and private services the United States exported in 2012 to the EU, our largest export market.
- Strengthen rules-based investment to grow the world’s largest investment relationship. The United States and the EU already maintain a total of nearly $3.7 trillion in investment in each other’s economies (2011).
- Eliminate all tariffs on trade.
- Tackle costly “behind the border” non-tariff barriers that impede the flow of goods, including agricultural goods.
- Obtain improved market access on trade in services.
- Significantly reduce the cost of differences in regulations and standards by promoting greater compatibility, transparency, and cooperation, while maintaining our high levels of health, safety, and environmental protection.
- Develop rules, principles, and new modes of cooperation on issues of global concern, including intellectual property and market-based disciplines addressing state-owned enterprises and discriminatory localization barriers to trade.
- Promote the global competitiveness of small- and medium-sized enterprises.
Source: Office of the US Trade Representative (Executive office of the President)