In June 2013, President Obama, European Council President Van Rompuy and European Commission President Barroso announced that the United States and the European Union (EU) would launch negotiations on the Transatlantic Trade and Investment Partnership (T-TIP) agreement.
The T-TIP is intended to be an ambitious and comprehensive trade agreement that significantly expands trade and investment between the United States and the EU, increases economic growth, jobs, and international competitiveness, and addresses global issues of common concern.
The launch followed a vigorous domestic consultation process with relevant stakeholders on the Obama Administration’s goals and objectives for a negotiation with the EU, which were publicly described in a March 20, 2013 letter (PDF 99 KB) to the U.S. Congress.
The White House Fact Sheet on T-TIP
The Fact Sheet says the goal of the T-TIP is to boost economic growth in the United States and the EU and add to the more than 13 million American and EU jobs already supported by transatlantic trade and investment.
In particular, T-TIP will aim to:
- Further open EU markets, increasing the $458 billion in goods and private services the United States exported in 2012 to the EU, our largest export market.
- Strengthen rules-based investment to grow the world’s largest investment relationship. The United States and the EU already maintain a total of nearly $3.7 trillion in investment in each other’s economies (as of 2011).
- Eliminate all tariffs on trade.
- Tackle costly “behind the border” non-tariff barriers that impede the flow of goods, including agricultural goods.
- Obtain improved market access on trade in services.
- Significantly reduce the cost of differences in regulations and standards by promoting greater compatibility, transparency, and cooperation, while maintaining our high levels of health, safety, and environmental protection.
- Develop rules, principles, and new modes of cooperation on issues of global concern, including intellectual property and market-based disciplines addressing state-owned enterprises and discriminatory localization barriers to trade.
- Promote the global competitiveness of small- and medium-sized enterprises.