Transatlantic Trade and Investment Partnership by the US and EU

TTIP Case Study Response
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TTIP Case Study Response
1. According to the case, what are the various reasons why the U.S. and E.U. should be interested in implementing the Transatlantic Investment Partnership?
* One major driving force for the need to implement a free trade agreement between the United States (U.S.) and the European Union (E.U.) in the name of the Transatlantic Trade and Investment Partnership (TTIP) is to unlock the economic potentials for the two regions that have been suppressed by the substantial regulation at the border points. According to Datla (2015), the TTIP trade agreement has the potential to create one million jobs in 10 years while boosting the Gross Domestic Product (GDP) by 0.5% for each region (p.1).
* The TTIP is also perceived to expand the trade in services between the two regions by adopting mutual recognition. The service industry constitutes the largest percentage of the two regions' economic activities, with the United Kingdom alone contributing 44% in services for their total exports (The Institute for Government, 2019). The free trade agreement would allow the two regions to leverage the most abundant commodity of export.
* The regulatory standards between the two giant economic blocks contrast in several ways and often spark unpleasant conflicts. TTIP's adoption was anticipated to streamline the regulatory standards by setting up common standards between the two economic blocks (Datla 2015).
* The world is changing rapidly in almost every domain area, including global trade. The free trade arrangement would allow the U.S. and the E.U. to align their trading objectives with the rapidly changing global economy.
2. Identify and explain BRIEFLY five (5) areas in the TTIP that the U.S. and E.U. possibly disagree, but that must be addressed.
* Data protection. Although both the U.S. and the E.U. recognize data protection as an urgent and important matter, their data privacy approaches differed significantly. The regulatory of data within the E.U. is a bit more stringent than that of the U.S. that regards data privacy as a consumer right. Therefore the consumer has the autonomy to use personalized data as they deem fit (Datla 2015).
* Financial Services. Financial institutions from both ends of the world had varying policies and requirements deemed a stumbling block to the free trade between the two regions. The problem arose when the two trade blocks held a divergent view on the financial institutions' inconsistencies, the E.U. arguing that it impede...