Dec 19, 2020 / by OsmondMarketing / No Comments

In 2018, the United States had a trade surplus with the EU of $60 billion. Former British Prime Minister David Cameron has said that critics of free trade should not use the National Health Service (NHS) to divert people`s attention and speak honestly about trade deals. The UK Department for Business, Innovation and Qualifications said TTIP provided adequate protection for the UK NHS. [102] The EU and the United States have lost their global economic importance since World War II, so they now account for about half of global GDP, not three-quarters as they do now. Geopolitically, TTIP is an attempt to re-establish the transatlantic alliance in response to the challenges of emerging economies such as Brazil, India and China. Frustrated at not being able to impose their will in the WTO multilateral forum without any challenge, the EU and the United States have identified TTIP as their opportunity to jointly develop a model for all future trade agreements around the world. Bilateral trade between the European Union and the United States totaled nearly $1.3 trillion in 2018, with merchandise trade worth $807 billion. The United States exported $319 billion worth of goods to EU member states. California`s exports to the EU totaled $31.75 billion in 2018. California is a leading exporter to the EU, with computers, electronics, transportation and chemicals as the main export sectors of the state to the region. EU countries buy about 18% of all California exports. For Californian companies, the domestic market offers a stable market with great opportunities. The Transatlantic Trade and Investment Partnership (TTIP) is a draft trade agreement between the European Union and the United States to promote trade and multilateral economic growth.

According to Karel de Gucht, EU Trade Commissioner between 2010 and 2014, TTIP is the largest bilateral trade initiative ever negotiated, not only because it involves the world`s two largest economies, but also “because of its potential global reach, to set an example for future partners and agreements.” [1] Given that most tariffs between the EU and the US are already at a minimum level, negotiations are focused on removing regulatory barriers to trade. According to official calculations, this deregulation will account for 80% of the total profits of TTIP companies, but among the “barriers” to be removed are some of the most important rules and standards that protect public health, workers` rights and the environment. Negotiators are also keen to remove rules that protect the local economy and employment from unfair competition, with potentially devastating consequences.