Currently the United States and the European Union (22 countries) are negotiating a Free Trade Agreement called the TransAtlantic Trade Investment Partnership (T-TIP). The results of past Free Trade Agreement changes showed an increase in 200 percent trade among the countries involved. As a result, speculators watching this proposed new trade predict a very welcome and positive impact to the European Union and the United States.
The Transatlantic Trade and Investment Partnership (T-TIP) is a proposed free trade agreement (FTA) being negotiated between the United States and the European Union (EU). Both sides envision the T-TIP as a comprehensive and high standard FTA. They seek, among other things, to increase transatlantic market access through the elimination of barriers to trade and investment in goods, services, and agriculture, and enhanced regulatory cooperation. The two sides also seek to use eventual T-TIP commitments on the global scene: to advance trade liberalization; set rules and standards; and address challenges associated with emerging markets. The United States and EU have held five rounds of T-TIP negotiations thus far, with the fifth round concluded on May 23, 2014.
Congressional interest. Congress has a direct interest in the T-TIP, both through influencing the administration’s positions on issues in the negotiations and considering implementing legislation for any final T-TIP agreement for it to enter into force. The 113th Congress may consider the renewal of Trade Promotion Authority (TPA) for the T-TIP.
Many in Congress support liberalizing international trade, but there are divergent views among Members on the general role and direction of U.S. trade policy, as well as the costs and benefits of trade liberalization.
Skeptics of trade liberalization argue that its costs and benefits are not equitably distributed among stakeholders. A transatlantic agreement would also likely have implications for a number of U.S. economic sectors of direct interest to Members of Congress.
T-TIP Information and Resources
Published Jan. 7, 2015 EU has published fact sheets and negotiation texts. READ MORE HERE
The Office of the United States Trade Representative has published this webpage to provide an overview of T-Tip. READ MORE HERE