16. December 2015
TTIP - Expected benefits of TTIP for businesses, consumers and the economy
“Who benefits from TTIP?”. This question arises time and again in debates around the usefulness of the Transatlantic Trade and Investment Partnership.
In our view, European and US businesses would benefit from the Transatlantic Trade and Investment Partnership (TTIP) through:
- lowered costs in the exchange of goods through the dismantling of customs duties and the reduction of trade barriers;
- an increased trading volume and turnover, that can in turn be invested in more jobs or research and development activities.
We strongly believe that consumers can benefit from a bilateral trade agreement between the EU and the USA through:
- a larger variety of products on offer as it will become easier for small and medium-sized businesses to enter the market;
- cheaper products as customs duties are eliminated and accreditation and certification processes are recognized bilaterally.
The economies of the countries involved in the agreement would, in our view, benefit from TTIP through:
- the ability for businesses to invest cost savings in research and more employment opportunities, increasing job security and quality;
- a strong positioning on the world market and the ability to develop common rules and standards that are attractive beyond the transatlantic market in the world trading system.
In upcoming issues we will explain how, in our view, trade will be stimulated by the elimination of non-tariff trade barriers and the development of joint norms and regulations.