The EU and U.S. economies combined represent half the world's global GDP, and the two economies have long enjoyed a mutually beneficial trade relationship. On Feb. 25, members of our International Business Council heard from an expert panel about the Transatlantic Trade and Investment Partnership (TTIP) and its implications on the global economy.
TTIP is a proposed comprehensive free trade agreement between the U.S. and the 28 member states of the European Union. Guest panelists Klint Alexander, of Baker Donelson's Global Business Team; Consuls General Jeremy Pilmore-Bedford of Great Britain and Northern Ireland and Christoph Sander of Germany; and David Short, FedEx Express, described TTIP as a "game-changer" that will level the playing field for U.S. and EU businesses.
The agreement seeks to streamline the trading process between the two global economic giants by reducing or eliminating tariffs and harmonizing regulatory standards for health and safety -- both of which currently create bureaucratic costs that are passed along to consumers. Our experts predicted that the successful negotiation of TTIP will usher in a new era in transatlantic relations, and would also increase exports, create jobs, boost production and grow the economies of all the nations involved.
If successful, TTIP can become a model for future global trade relationships, so it also represents a tremendous opportunity for the continued growth of the global economy.
TTIP negotiations began in 2013 and continue through this year. To learn more, watch the video embedded below.