The Transatlantic Trade and Investment Partnership (TTIP) is a trade agreement that is presently being negotiated between the European Union and the United States.
It aims at removing trade barriers in a wide range of economic sectors to make it easier to buy and sell goods and services between the EU and the US.
On top of cutting tariffs across all sectors, the EU and the US want to tackle barriers behind the customs border – such as differences in technical regulations, standards and approval procedures. These often cost unnecessary time and money for companies who want to sell their products on both markets.
- For example, when a car is approved as safe in the EU, it has to undergo a new approval procedure in the US even though the safety standards are similar.
The U.S. government considers the TTIP a companion agreement to the Trans-Pacific Partnership.
The Trans-Pacific Partnership (TPP) is a proposed regional free trade agreement that is currently being negotiated by twelve countries throughout the Asia-Pacific region (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam).
The agreement began in 2005 as the Trans-Pacific Strategic Partnership Agreement (TPSEP or P4). Member countries set the goal of wrapping up negotiations in 2012, but contentious issues such as agriculture, intellectual property, and services and investments have caused negotiations to continue into the present,
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