TTIP closer to fulfillment

| Foreign Markets |

As we have often mentioned on this blog, the European Union and the USA have been conducting negotiations about the Transatlantic Trade and Investment Partnership. TTIP is aimed at the creation of the largest free trade zone in the world, which could help boost economic growth and create new jobs on either side of the Atlantic Ocean.

The need for a compromise

Both sides of the ongoing negotiations express their concerns about the possible consequences of the agreement. The involvement of the European Parliament in the debate is therefore far from surprising. The EP is trying to control and follow closely the development of the negotiations. The goal is to ensure that the content of the pact does not include clauses which will do harm to the economies of the European countries.

The clauses which are still pending concern healthcare and public health, access to the American market of tenders in the public sector for European SMES, and the functioning of institutions which will solve potential disagreements between entities from the USA and the EU. The representatives of the international associations of chemical enterprises lobby for laws which will protect the European industry, whose objective is to withstand market competition with US players.

Mutual understanding thanks to negotiations

The European Commission has been negotiating with the USA since July 2013. Once the TTIP is signed, it will need to be approved by the European Parliament. Without this body’s approval, the agreement cannot come into force. This is why the EP has called for increased understanding in the negotiations, so that all the parties involved may present their opinions so as to eliminate potential threats and disagreements.