The Transatlantic Trade and Investment Partnership (TTIP), a free trade agreement between the US and the EU, is expected to boost the economic growth of both the countries by increasing more investments and employment opportunities. In the process, TTIP may also boost textile trade between the two big economies.
The first round of TTIP negotiations between the US and the EU held last week has decided to cover around twenty various areas, including greater market access for agricultural and industrial goods, such as cotton and textiles, government procurement, investment, energy and raw materials, regulatory issues, sanitary and phytosanitary measures, services, intellectual property rights, sustainable development, small- and medium-sized enterprises, dispute settlement, competition, customs/trade facilitation, and state-owned enterprises.
Speaking to fibre2fashion, Andrea Mead, press secretary for the Office of the United States Trade Representative (USTR), said, “We just completed our first round of negotiations under the TTIP last week and Obama Administration is seeking a comprehensive, ambitious and high-standard agreement that will increase transatlantic trade and investment as well as promote and protect the US economic interests which includes commitments in a broad range of areas, such as tariffs and non-tariff barriers.”
The US economic relationship with the EU is the largest and most complex in the world, generating goods and services trade flows of about US$ 2.7 billion a day and transatlantic investment is directly responsible for about 6.8 billion jobs, USTR states.
According to the European Commission, the TTIP agreement would benefit both the EU’s economy and its citizens. EU companies are expected to sell an additional €187 billion worth of goods and services a year to the US, once TTIP is implemented.
“On top of cutting tariffs, our main focus in TTIP negotiations will be to tackle those barriers that lie behind the customs border, such as difference in technical regulations, standards and certification,” the statement said.
The US exports to the EU accounted for 21 percent of overall US goods and services exports. US imports from the EU accounted for 19 percent of overall US goods and services imports. The US purchased 17 percent of all EU goods exports and 25 percent of all EU services exports and supplied 11 percent of all EU goods imports and 31 percent of all EU services imports, according to the USTR.
The TTIP agreement may strengthen the economic relationship of the two global leaders while promoting economic prosperity of other countries that trade with the transatlantic partners.
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