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The EU-US Transatlantic Trade Partnership (TTIP): Benefits, Challenges, and Opportunities

This article discusses the importance of the TTIP agreement between the EU and the US, focusing on its economic benefits, opportunities for smaller firms, aims, challenges, and political calendar. It also provides links to stay informed about the latest developments.

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The EU-US Transatlantic Trade Partnership (TTIP): Benefits, Challenges, and Opportunities

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  1. The EU-US Transatlantic Trade and Investment Partnership (TTIP) Damien LEVIE TTIP Deputy Chief Negotiator European Commission II Unites States – European Union Forum Miami Dade College, Wolfson Campus 16 May 2014 Miami

  2. Disclaimer All views expressed are purely personal and should not be considered as representative of the European Commission’s official position. Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use which might be made of the following information.

  3. Why TTIP matters? EU & US: Top trading partners • World's largest trade market • 15 million transatlantic jobs • €2,4 trillion of mutual investment stocks However, relative importance is in decline

  4. Economic Benefits TTIP is a growth and jobs agenda to help: • Consolidate the way out to the crisis • Increase trade • Improve labour markets conditions • Rest of the World

  5. Benefits for smaller firms “The TTIP is vital for us. Once the duties are eliminated, we expect to recover, secure and strengthen our position in the U.S.” • ConservasEl Raal, S.C.L., of Murcia, Spain, makes canned artichokes and peppers. • Ten years ago, 95% of artichokes and peppers imported into the US came from Spain. Now it's only 25%. • This is because of the import duty: while products from other countries enter the US duty-free, our shipments are subject to a tax of almost 15%.

  6. Benefits for smaller firms "We see not only a chance to eliminate specific barriers to trade but also to reduce the psychological gap between entrepreneurs" Integrasys is an SME based in Madrid and specialised in satellite telecommunication systems. Our challenges in exporting to the US • To launch sales a foreign company needs to be already somehow established in the US, which requires a lot of effort and investment. • There is also a question of perceptions.

  7. A "21st century" trade agreement Aim 1 - More business opportunities • Tariffs • Services • Public procurement • Investment

  8. A "21st century" trade agreement Aim 2 : More consistent rules ► Regulatory compatibility & Non Tariff Barriers ► Sectors: • Cars, Chemicals, Textiles, • Medical devices, Pharma, Cosmetics • SPS

  9. A "21st century" trade agreement Aim 3 - Better regulatory environment – examples for global rules • Intellectual Property Rights • Sustainable Development (labour & environment) • Energy & Raw Materials • Localisation • Customs & Trade Facilitation • Competition/ State Owned Enterprises

  10. TTIP challenges Overall high ambition agreement approved by both sides • US Congress • Member States & European Parliament

  11. TTIP Challenges (2) Communication issues • Right to regulate? • Lowering standards? "We'll be working hard to ensure TTIP strengthens consumer and environmental protection", EU-US summit, 26 March 2014 • Investment Protection / Investor-to-state Dispute Settlement

  12. TTIP challenges (3)

  13. Political Calendar 2014 busy political calendar both sides of the Atlantic • EU: New parliament and new Commission • US: ongoing Trade Promotion Authority discussions and mid- term elections in November

  14. Stay informed • Commission's TTIP dedicated website http://ec.europa.eu/trade/policy/in-focus/ttip/ • Follow us on Twitter @EU_TTIP_team

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