Industry News

A Recent Report Demonstrates the Benefits of TTIP

August 24, 2015

        A recent report published by the British Embassy shows that the United States would greatly benefit from the passage of the Transatlantic Trade and Investment Partnership (TTIP). TTIP is a bilateral trade initiative between the European Union and the United States. The free trade agreement strives to achieve three goals of increased market access, regulatory co-operation, and new rules. These objectives would allow for better access to U.S. markets, while cutting costs and implementing new procedures to make it easier to export, import, and finance products. 
        The report states that TTIP would generate substantial net economic gains in all 435 congressional districts. The testimony draws attention to specific districts, while claiming that the trade deal could create more than 740,000 jobs nationwide. For example, the report states that New York’s 12th district could create 9,535 jobs and that Texas’ 24th could produce a gain of more the 3,500 jobs. Each state could also increase exports to the European Union by an average of 37 percent, with specific industries experiencing significant growth. The industry that would see the most development would be the motor vehicle industry with an increase of up to 650% in exports. 
        The United Kingdom’s Deputy Ambassador, Patrick Davies, points out that the benefits of TTIP would extend to the American people. “This report shows that a comprehensive TTIP agreement would be a win for both the U.S. and EU. Thanks to lower prices and higher average wages, the average American household could be $865 better off as a result of an ambitious TTIP,” Davies says. 
        While testimony shows that TTIP would be extremely beneficial to the American economy, the agreement is still not finalized. Certain important issues still need to be discussed by stakeholders, even after the conclusion of the 10th round of negotiations in mid-July. However, many officials are aiming to wrap up the talks in the near future. The EU chief TTIP negotiator, Ignacio Garcia Bercero, would like to conclude a deal while President Obama is still in office, or else it is possible that the talks could go on for several more years. The timing and location of the next set of negotiations is unclear.

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