In the official document described by TTIP, the Obama administration made it clear that TTIP would not primarily target trade, but « cross-border » measures such as health, environmental and financial protection. US and European companies call these guarantees, which we all rely on, « trade irritants » and have called for their elimination beyond TTIP: beyond TTIP, a broader « transatlantic free trade area » has been postulated. [by whom?] [Citation needed] On the U.S. side, this could include the other members of the North American Free Trade Area (Canada and Mexico); and on the European side, the members of the European Free Trade Association (Iceland, Norway, Switzerland and Liechtenstein). Mexico already has a free trade agreement with EFTA and the EU, while Canada has one with EFTA and has negotiated one with the EU. These agreements may need to be harmonised with the EU-US agreement and could potentially form a larger free trade area. In early 2013, Canadian media observers speculated that the start of TTIP talks had put pressure on Canada to ratify its own three-year FTA negotiations with the EU by the end of 2013. [138] Countries with customs agreements with the EU, such as Turkey, may face the prospect of opening their markets to US products without access to their own products without a separate agreement with the US. [139] The United States and the European Union together account for 60% of global GDP, 33% of world trade in goods, and 42% of world trade in services.
There are a number of trade conflicts between the two powers, but both depend on each other`s economic market, and disputes concern only 2% of total trade. A free trade area between the two would potentially represent the largest regional free trade agreement in history, covering 46% of global GDP. [30] [31] Articles 24 to 28 of Chapter IV would allow the free movement of directors and other employees of an enterprise for the purpose of temporary work between all countries party to the Agreement. [42] However, Article 1(2) clarifies that the general freedom of movement of workers and citizens is no longer permitted. The economies of the US and the EU are two of the most modern, developed and committed to high standards of consumer protection in the world. T-TIP aims to strengthen this already strong relationship in a way that will help boost economic growth and increase the more than 13 million American and European jobs already supported by transatlantic trade and investment. T-TIP will be a state-of-the-art agreement that aims to ensure greater compatibility and transparency in trade and investment regulation while maintaining a high level of health, safety and environmental protection. T-TIP offers an exceptional opportunity to strengthen the link between key strategic and economic partners. Supporters of TTIP predict that the agreement will free up global trade and create millions of jobs. Others believe that the positive economic impact on households in the US and EU will be minimal. Corporate courts have been included in previous trade and investment agreements where you can see the damage caused: negotiations were stopped by President Donald Trump[2], who then initiated a trade dispute with the EU.
Trump and the EU declared some sort of truce in July 2018 and resumed talks similar to TTIP. [3] On 15 April 2019, the negotiations were declared « obsolete and more relevant » by the European Commission. [4] The twenty-seven governments of the Member States of the European Union must unanimously approve the partnership in accordance with Articles 207 and 218 TFEU on the agreement negotiated in the Council of the European Union, after which the European Parliament will also be invited to give its consent. The European Parliament has the power to approve or reject the agreement. If the Council of the European Union designates TTIP as a « mixed agreement » on a proposal from the European Commission, the approval of all parliaments of EU Member States is required according to individual constitutional procedures before the agreement can enter into force. In the United States, both houses of Congress must pass the agreement for it to be ratified. [70] Few people have access to documents, called « consolidated texts, » which contain drafts containing the most recent results of the negotiations […].
