The Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union. A discussion of its pros, cons and implications

Abstract or Introduction

The primary purpose of this essay is to address the pros and cons of TTIP, mainly related to the German point of view. Afterwards, some implications and problems of TTIP are presented. Finally, the paper concludes the most important points of this agreement and involves future prospectives for the TTIP between the European Union and the United States. By reading this paper, the reader has the opportunity to form their own opinion on the TTIP based on the comprehensive assets and drawbacks which are submitted.

This paper introduces the Transatlantic Trade and Investment Partnership, called TTIP. TTIP is a trade agreement between the United States and the European Union, which is currently being negotiated. The aim of this convention is to open up the markets on both sides. This includes eliminating tariffs and other trade barriers between the two unions, the United States and the European Union. Furthermore, restrictions for commercial services shall also be reduced, security of investment and the competitive equality shall be improved, and not least the access to public contracts shall be simplified at all levels of government. Therefore, the TTIP is a unique joint project which can obtain considerable growth and em-ployment effects (Bundesministerium für Wirtschaft und Umwelt 2015).

However, there is a lot of criticism and concerns regarding foreign trade between the European Union and the United States, but there are a lot of advantages for both countries as well. Some of the topics are highly controversial mainly due to differing standards and norms of both partners (Beck & Ohr 2014).