Next week, the European Union and the United States continue negotiating a potentially massive trade deal, snappily called the Transatlantic Trade & Investment Partnership, or TTIP (pronounced ‘Tea-Tip’) for short.
Once the negotiators shake paws on the deal, TTIP could seriously boost job creation and economic growth on both sides of the Atlantic.
As a leading member of the EU and one of the main trading partners of the US, the United Kingdom is as enthusiastic about reaching an agreement as your average corgi is about… well, everything really. Curious? Let the Internet’s most reliable (and cutest) instructional tool be your guide!
2. The US and the EU are totally into each other
The US and the EU are each other’s largest foreign investors. This investment supports around 1 million jobs on each side of the Atlantic! That’s a lot of international puppy love.
3. Over $2.5 billion a day!
That’s how much US-European trade is worth. Advanced corgi research suggests that $2.5 billion could purchase a lot of treats.
4. But it could be even higher!
If, that is, we get rid of barriers to trade…
5. TTIP could add over $125 billion to the US economy and $160 billion to the EU economy
So says an EU study, probably not written by a corgi. This growth will allow transatlantic companies to hire more workers, creating more jobs in the US and the EU!
6. But wait! There’s more…
As if that were not enough, check out these additional benefits…
7. Sometimes regulations between the US and the EU are not quite consistent.
Taxes and regulations are already fairly low but they still put off smaller businesses that want to sell their products on the other side of the Atlantic. It’s confusing to figure out two or more sets of laws, regulations, and other complicated stuff. If your product doesn’t meet the other side’s rules, you have to change it to comply. That’s not only a royal pain — it means stuff can cost more than it needs to.
9. It could make regulations on either side of the Atlantic play nicer together. For example, in agriculture…
Improving cooperation on food safety standards will make business easier and set international standards for the food trade.
10. …manufactured goods…
Right now, a lot of parts need to be different to meet different sets of rules. If our safety standards were more similar, manufacturers of cars or machinery could standardize their production, save money, lower their prices and hire more people.
11. …and pharmaceuticals.
TTIP could make it quicker and cheaper to develop medicines. Transatlantic pharmaceutical business is already big, but could grow further if the approval processes didn’t duplicate each other as much.
12. Removing these barriers would create even more tasty treats for the transatlantic economy!
13. The EU and US account for a third of world trade and about half of the world’s GDP. TTIP would be the largest bilateral free trade agreement in the world!
Together, we run better.
14. But the benefits would spread out around the world!
Because the transatlantic economy is sooooo big, any benefits to it are benefits for the world. A think tank study shows that TTIP could increase the rest of the world’s GDP by more than $135 billion.
15. The average family could feel the benefits too!
According to an EU study, a family of four in the US could receive about $865 more every year in disposable income. In the EU families could get about $720 extra.
16. The benefits are too big to ignore!
That’s why the EU is so committed to TTIP.
Curious how TTIP could benefit your state? The British Embassy Washington, Atlantic Council and Bertelsmann Foundation launched a report called “TTIP and the Fifty States: Jobs and Growth from Coast to Coast.” The report sets out each state’s potential increase in jobs and exports as a result of TTIP. Happy reading!