Eu-Us Trade Agreements

Eu-Us Trade Agreements

The Guardian called TTIP “the most controversial trade deal ever negotiated by the EU.” [18] TTIP negotiations are criticised and rejected by some trade unions, charities, NGOs and environmentalists, particularly in Europe. [14] [15] The Independent summarizes the negative effects of TTIP as “reducing regulatory barriers to large companies, food security, environmental legislation, banking regulation and sovereigns of different nations”[16] or more critical than “the attack on European and American companies by transnational groups”. [16] German economist Max Otte stated that proposed arbitration (ISDR) and the protection of foreign investment would mean a “total deviation from policy”[19] and that free trade agreements on the labour economy would generally apply lower standards and that the TTIP would put European workers in direct competition with the Americans (and, in fact, under the North American free trade agreement with the Mexicans). which would have an impact on European social models. [19] Otte also concluded: “We really don`t want the social system of these countries [U.S. and Mexico] here [in Europe].” [19] In March 2014, a draft text of 7 July 2013 was leaked by the German newspaper Die Zeit for “Trade in Services, Investment and E-Commerce”. The leaked text contains seven chapters. In Chapter 1, Article 1 mentions the overall objective of a “better climate for the development of trade and investment,” in particular “liberalisation of investment and cooperation in the field of e-commerce.” [40] In February 2013, US President Barack Obama used his State of the Union address to announce the opening of negotiations for a comprehensive free trade and investment agreement between the United States and the European Union. The first round of negotiations, which took place in July of the same year, was the realization of a dream that the economic lobbyists of the transatlantic economic dialogue, which had insisted since the 1990s for a free trade agreement between the EU and the United States, had long been achieved. Nevertheless, the Transatlantic Trade and Investment Partnership (TTIP) is more ambitious than any previous trade agreement, covering a wide range of topics, in order to reorganize the social and economic landscape on both sides of the Atlantic for the benefit of capital. In early 2013, Canadian media observers speculated that the start of TTIP talks was putting pressure on Canada to ratify its own three-year free trade negotiations with the EU by the end of 2013. [138] Countries with customs agreements with the EU, such as Turkey, may face the prospect of opening their markets to American products without access to their own goods without a separate agreement with the United States.

[139] In 2018, bilateral trade between the European Union and the United States amounted to nearly $1.3 trillion, with merchandise trade worth $807 billion.