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TTIP to provide economic and social benefits to EU countries, study findsWednesday, January 27, 2016
Brussels, 27 January 2016 – The Transatlantic Trade and Investment Partnership (TTIP) is expected to deliver a range of economic and social benefits for EU citizens and businesses, a new study by the World Trade Institute (WTI) of the University of Bern has found. The negotiations also offer a unique opportunity for the EU and the US to forge joint solutions to fundamental challenges to the rules governing the world economy.
Reducing barriers to transatlantic trade and aligning EU-US regulatory practices could result in a permanent boost to Member State incomes as well as significant export growth and a range of consumer benefits. The agreement is expected to be especially helpful for small and medium sized enterprises (SMEs) in the EU, making it easier for them to export to the US and helping them to compete in the transatlantic market. The study, entitled, ‘TTIP and the EU Member States,’ also argues that TTIP could promote a ‘race to the top’ on labour, environmental, and health and safety standards on both sides of the Atlantic.
‘Our findings show that TTIP could improve the trading environment for businesses of all sizes, establish robust provisions in areas such as labour and the environment, and deliver many benefits for consumers,’ stated Prof. Joe Francois, lead author and Managing Director at WTI. ‘The challenge is for Member States and the EU to pursue the necessary actions to take advantage of the opportunities offered.’
Susan Danger, Managing Director of the American Chamber of Commerce to the European Union (AmCham EU), added, ‘The aim of this study is to provide a positive contribution to the ongoing debate on TTIP in Europe, helping EU policymakers to construct an ambitious and balanced agreement that meets the needs of EU citizens and businesses.’
The full report can be read online here.