Essay about Impact Of Ttip On The Us
After looking at the advantages and disadvantages of TTIP in the point of the EU, the incentives and concerns of the US will be presented. The US Chamber of Commerce collected 10 facts about the importance and benefits of the TTIP, which give a better understanding of the US motives. (U.S. Chamber of Commerce, 2013)
High degree of EU relations
Some of their arguments include that the EU is the largest trading partner of the US. The US and the EU provide almost the half of the GDP in the world (47%) (European Commission, 2015), which means that more than $16 trillion in GDP is generated by each annually. Furthermore, more than half of the total investments made by US companies were invested in the EU ($2.1 trillion), which is 40 times more than was done in China.
The fact that both economies are strong democracies, which have similar political systems and share similar regulations and norms, gives a security to firms and citizens in trading and guarantee that no decision will be made which could endanger them.
One of TTIP objectives is to simplify the trading process by applying the same standards and making the regulations more compatible, while keeping the level of people’s safety high. Practically it means that for a car producer going through the similar security test twice (once in the US and once in the EU) will not be necessary anymore, as under the TTIP the result of the car test having already carried out successfully in…