What is TTIP?
The Transatlantic Trade and Investment Partnership, or TTIP, is a trade and investment agreement, which the European Union (EU) is negotiating with the United States. The United States is Europe’s biggest export market.
Customs duties, red tape and restrictions on investment on each side of the Atlantic can make it difficult to buy and sell goods and services on the other. Getting rid of these barriers to trade between the EU and the US would boost mutual economies, create jobs and widen choice and lower prices for consumers.
TTIP is a planned agreement focused on lowering trade tariffs and removing costly regulations on business across the Atlantic. These barriers include labour rights, food safety rules and banking safeguards put into place following the recession.
A key aim of the deal is to open up public services – allowing US firms to bid for private contracts on state-run organisations such as the NHS. David Cameron’s Government failed to declare our health service off limits – despite EU bureaucrats giving nations the power to do so.
The pact could also see private companies suing governments should they enact policies that affect their profits.
TTIP is an agreement specific to the US and the EU.
After the Brexit vote in the UK, any future deal would now not include Britain.
Groups opposing TTIP, claim that Brexit may have left TTIP dead in the water – calling the vote “the killer blow to the deal across Europe”.
With Britain representing 16% of the EU market, senior figures are waiting to see what relationship the UK will have with the EU.
Donald Trump and Hillary Clinton have said they will scrap the doomed US-EU deal, and have both spoke of the importance of striking a UK partnership.
A shift in tact for the US Government, urging the need for a new trade deal to be done “as fast as possible”.
Such a pact will be impossible until Britain has triggered Article 50 – which is not expected to happen until early next year.
By that time the US will have a new president in either Hillary Clinton or Donald Trump, who will replace Mr Kerry with their own staff.
It will be down to Foreign Secretary Boris Johnson and Secretary of State for International Trade Liam Fox to negotiate a deal with Mr Kerry’s replacement.
T-TIP is far from being close and far from being certain.