The Transatlantic Trade and Investment Partnership (TTIP). It’s set to be finalized by November 2014 but given the hurdles to be overcome, it’s anyone’s guess if that will happen. However the K Street lobbying machine is said to be cranking at full speed to get things lined up on this end, so who knows.
Our international leaders are finally getting serious about global free trade – and not a moment too soon. Earlier this month, the United States and the European Union began talks on trade, after almost two years of preparation. Establishing a U.S.-EU free trade agreement is crucial for the global economy, and will strengthen businesses of all sizes, opening up the global market to competition and innovation.half of global economic output. The 28 member states of the EU are by far our biggest trading partner. If the Transatlantic Trade and Investment Partnership (TTIP) comes to fruition, it will be the biggest trade agreement in history . Establishing this free trade agreement could add $420 billion per year to the global economy and create some two million jobs.three percent on average – but both sides impose formidable non-tariff barriers (NTBs). These barriers include customs procedures and behind-borders regulatory restrictions. Free trade negotiations aim to eliminate tariffs altogether, and to slice NTBs. Eliminating tariffs and cutting NTBs by just 25 percent could boost the U.S. GDP by .8 percent , according to the U.K.-based Centre for Economic Policy Research . Strong trade relations with Europe could boost U.S. and EU economic growth by more than $100 billion annually. In other words, free trade could be just the jump our economy needs to accelerate recovery, not just in the U.S., but globally.
Of course I always have to inject a juvenile note so, I think it should be nicknamed TityTIP.
JustinC
September 1, 2013, 12:41pm
4
Prepare for lots of shabby products and chain stores to enter the market (not that we don’t have our fair share already).
Sorry but I’m not hugely enthusiastic about this agreement, as a consumer.
As an investor I am enthusiastic.