TTIP (Transatlantic Trade and Investment Partnership) is a proposed trade agreement between the United States and the European Union (EU). It aims to facilitate trade and investment by reducing regulatory barriers, harmonizing standards, and promoting economic cooperation between these two key global players.
This trade agreement seeks to establish a comprehensive and ambitious framework for promoting bilateral trade and investment by removing tariffs, quotas, and other trade barriers. By eliminating these barriers, it aims to boost economic growth, increase competitiveness, and create jobs on both sides of the Atlantic.
TTIP also seeks to address non-tariff barriers, such as differing regulations, standards, and certification requirements, which can create unnecessary obstacles to trade. Efforts are made to align regulations and promote regulatory coherence to ensure a level playing field for businesses and improve mutual access to each other's markets.
Furthermore, TTIP aims to encourage transparency and cooperation in areas like intellectual property rights, services, investment, and public procurement. It also aims to establish a dispute settlement mechanism to resolve conflicts that may arise from issues related to the agreement.
The negotiations for TTIP have generated significant debate, with critics expressing concerns about potential negative impacts on consumers, labor rights, environmental regulations, and sovereignty. Proponents argue that TTIP will promote economic growth, enhance international cooperation, and foster mutually beneficial trade relationships between the United States and the European Union.
