Next week, the European Union and the United States continue negotiating a potentially massive trade deal, snappily called the Transatlantic Trade & Investment Partnership, or TTIP (pronounced ‘Tea-Tip’) for short.
Once the negotiators shake paws on the deal, TTIP could seriously boost job creation and economic growth on both sides of the Atlantic.
As a leading member of the EU and one of the main trading partners of the US, the United Kingdom is as enthusiastic about reaching an agreement as your average corgi is about… well, everything really. Curious? Let the Internet’s most reliable (and cutest) instructional tool be your guide!
7. Sometimes regulations between the US and the EU are not quite consistent.
Taxes and regulations are already fairly low but they still put off smaller businesses that want to sell their products on the other side of the Atlantic. It’s confusing to figure out two or more sets of laws, regulations, and other complicated stuff. If your product doesn’t meet the other side’s rules, you have to change it to comply. That’s not only a royal pain — it means stuff can cost more than it needs to.
10. …manufactured goods…
Right now, a lot of parts need to be different to meet different sets of rules. If our safety standards were more similar, manufacturers of cars or machinery could standardize their production, save money, lower their prices and hire more people.
16. The benefits are too big to ignore!
That’s why the EU is so committed to TTIP.
Curious how TTIP could benefit your state? The British Embassy Washington, Atlantic Council and Bertelsmann Foundation launched a report called “TTIP and the Fifty States: Jobs and Growth from Coast to Coast.” The report sets out each state’s potential increase in jobs and exports as a result of TTIP. Happy reading!
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