Essay Sample on The Transatlantic Trade and Investment Partnership

Introduction

The Transatlantic Trade and Investment Partnership is regarded as an essential tool for the international affair and relations by the US, while Europe majorly considers the economic part rather than the global part. US recognised the need to reduce the tariffs of the trade between as this will help increase the total GDP level, and as a result, US experienced an increase in GDP by 0.04% while that of EU increased by 0.1%. And this also leads to the rise in the margin of transatlantic trade by 100 billion euro (Missiroli, 102).

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The transatlantic market brought about world business as it also open doors to the other parts of the other countries, and this brought about significant and positive benefit economically to both the two nations. Through the set principles that guide the transatlantic trade helps accelerates the quest to faster economic growth by the 21st century, and this principle that later are being followed by the rest of the world showing that these standards were essential and of significant impact. (Welfens and Paul, 256).

This agreement enables EU and US to form similar standards of carrying out the operation of some industries a this reduced the cost of managing these industries within the long term period, however at the same time some local industries from both countries suffered due to stiff competition from the foreign industries,this was due to the removal of trade barriers that brought about by cheap imports.

TTIP increased the employment base for the potential workforce from both countries, thus raising income level and living standards of the individuals, as predicted by the U.K Prime Minister David Cameron it would create "2 million jobs". The operation of US military on the Middle East and North Africa was withdrawn, indicating a high bond relationship between EU and US that was aimed at achieving specific economic and social objectives, and this helped to reduce political and civil war tension between the two nation(Wickett and Xenia, 238).

TTIP faced various hurdles that arise during the agreement process. EU was against the the use of chemicals to achieve faster growth of agricultural products like,crops, chicken washed with chlorine, meat from animals that were treated with growth hormones, this burn seemed to have disadvantaged agribusiness sector, and in order to curb this problem, rule was passed not to impose tariffs to any non sensitive products like those of agriculture. ( WHO ) was also allowed to set standards to reduce this disparity in agriculture (Santagostino and Angelo 234).

Later 2017, President Donald Trump haltered the smooth relationship between these two nations by threatening to raise tariffs of steel and aluminium and this till to date still have left people wondering about the future of this organisation.

If US and EU fail to agree not only will they suffer economically but it will also affect their GDP since most people view TTIP as a source of wealth to both nations, hence it will be of great importance for US and EU to consider and weigh the magnitude of suffering they are likely to expose their consumers to, if their negotiations failed to bring forth way forward. (Wickett and Xenia, 156)

Works Cited

Antonio Missiroli, A Handbook - The Eu And The World: Players And Policies Post-Lisbon, 2017.

Santagostino, Angelo. The Single European Market and Trade Policy. Newcastle-upon-Tyne: Cambridge Scholars Publishing, 2017. Internet resource.

Welfens, Paul J. J. An Accidental Brexit: New Eu and Transatlantic Economic Perspectives. , 2017. Internet resource.

Wickett, Xenia. Transatlantic Relations: Converging or Diverging? 2018. Internet resource.

Zirin, Kirill, and G A. Arkhipov. The Transatlantic Trade and Investment Partnership (TTIP): An Analytical Overview. , 2016. Print.