The European Union is the largest investor in the United States, and the second largest supplier of goods to the United States, behind China. For the United States, the European Union is the second largest export destination after Canada and the largest market for US exports of services.
The TTIP, (Transatlantic Trade Investment and Partnership) is the top priority of trade policy for Spain, for the opportunities it will provide and its strategic importance:
- 90% of world economic growth over the next 10-15 years will be generated outside Europe and part of that growth will be in the United States.
- The Agreement TTIP encourages economic growth, investment and employment. It will open new opportunities for large, medium and small businesses, as well as making reductions of costs and formalities when exporting or investing in the United States. This will benefit consumers because they will have a widest possible access to a huge range of goods and services with better prices.
The TTIP covers three pillars: market access, regulatory aspects and ensemble of global rules.
Access to markets for goods, services, investment and public procurement: with the elimination of tariffs is seeking to achieve a high level of liberalization in services and investment. In addition to create a transatlantic market public procurement, in order that companies can compete under conditions of equality.
Regulatory aspects: including technical, sanitary and phytosanitary measures come from the compatibility, harmonization or equivalence of the different regulations applicable to markets, the American one and European. The goal is to streamline approval procedures or registration product, as well as agreeing the standards that goods must meet to be considered equivalent to either side.
Determine rules related to Intellectual Property: to ensure a greater protection in several areas such as sustainable development, PYMES and Competition etc.