As part of this continued commitment, the Alliance highlights six important ways that TTIP could benefit businesses and citizens in the EU and the US, and urges the conclusion of negotiations in 2016:
1. An Opportunity to Lead
The EU and the US have a unique opportunity to set the rules for trade and investment that could serve as a benchmark for the rest of the world. The agreement would enable both sides to play a leading role in shaping globalisation, at a time when the rules and norms that govern trade and investment are being challenged more than ever before.
2. Enhanced Regulatory Practices
TTIP should include a mechanism for regulatory cooperation, which enables regulators to share information and work together to make regulation in the EU and the US more compatible. This could increase the competitiveness of the transatlantic economy, encourage innovation and set world leading standards.
3. An Investment Boost
The global financial crisis that began in 2008 precipitated a drop in foreign investment, especially in the EU. Despite an improved economic outlook, investment in the EU has still not reached pre-crisis levels. TTIP would create new opportunities and incentives for companies to invest in the transatlantic economy. The agreement should aim to remove all remaining market access barriers, especially in the services sector which forms the backbone of the transatlantic economy.
4. Access to Public Contracts
Establishing non-discriminatory access for companies to public procurement markets on both sides of the Atlantic will encourage efficiency and deliver value-for-money for citizens.
5. Gains for SMEs
Small- and medium sized enterprises (SMEs), who represent the vast majority of businesses in the EU and the US, stand to benefit significantly from TTIP. Unlike larger businesses, they lack the resources to overcome the barriers to trading across the Atlantic that TTIP aims to address. The deal should include an ambitious SME chapter and also integrate the needs of SMEs across the whole text.
6. Consumer Benefits
An improved transatlantic marketplace has the potential to provide consumers with greater choice for the products and services they buy. Consumers could also benefit from lower prices for their goods and services in the transatlantic market.
About the Business Alliance for TTIP
The Business Alliance for TTIP is comprised of business organisations united in support for an ambitious TTIP agreement that boosts growth, competitiveness and standards on both sides of the Atlantic.