Arola is committed with its partners and clients, and in the aim of sharing new updates regarding the Transatlantic Trade and Investment Partnership we introduce this Section, intended to regularely cover the most recent developments in the negotiations and issues concerning TTIP.
The European Union is negotiating a trade investment deal with the United States – the Transatlantic Trade and Investment Partnership – TTIP. The official objective of TTIP is to boost transatlantic trade and investment, which is projected to drive growth and create jobs on both sides of the Atlantic, while helping people as well as large and small businesses.
One of the key reasons encouraging this agreement is the aim to remove trade barriers within a wide range of economic sectors and would consist of three main parts:
- Market access, that means helping EU companies –however small or large, and whatever they sell– get better access to an overseas market outside Europe.
- Regulatory cooperation, cutting red tape costs, without cutting corners – Working together on regulations could cut costs for the EU to meet US rules on standards –while upholding the EU’s strict levels of protection for people and the environment.
- Setting new rules to make it easier and fairer to export, import and invest overseas – Basically to help all firms to fully benefit from TTIP.
There are 3 main stages in negotiating a trade deal: Mandate, Negotiation and Decision.
In 2013 EU governments gave the European Commission a mandate to negotiate TTIP. Now, the EU is involving the governments in the negotiations, along with the European Parliament, business and trade unions, consumer, health and other public interest groups. The European Commission is the EU’s civil service, and their tasks include negotiating trade agreements for all 28 EU countries.
With TTIP, we are now at the second stage: the negotiation –which we expect to be as openly and accountably as possible. Negotiating trade deals takes time, sometimes several years, involving meetings with the US Trade Representative’s negotiators, swapping written proposals and drafting a final text, which will be approved by governments and MEPs (Members of the European Parliaments).
Source image: www.roomfordiscussion.com