Us Trade Agreement With Eu
U.S. investment in the European Union is three times greater than that of the United States across the Asian continent, and EU investment in the United States is eight times greater than that of the European Union in India and China combined. It is estimated that intra-company transfers account for one third of total transatlantic trade. The United States and the European Union are the main trading partners of most other countries in the world and account for one-third of global trade flows. Given the already low customs barriers (less than 3%) the aim is to remove non-tariff barriers in order for the agreement to be successful.  A Guardian columnist has stated that food security in the EU could be threatened by weak or different standards in US food legislation if foodstuffs currently banned by the EU are likely to be imported.  In June 2015, the BBC reported that food security had become a “stumbling block” due to the diversity of US and EU attitudes towards genetically modified crops, pesticides (endocrine disrupting chemicals), growth hormones in the beef sector and the reduction of chicken pathogens , a source of public health concern and disadvantage for European farmers.  The ban on animal testing in the EU has been described by the Guardian as “intransigent” with the US approach.  Anthony Blinken, Biden`s senior foreign policy adviser, said in September at an event hosted by the U.S. Chamber of Commerce that the Democrat would end Trump`s “artificial trade war” with the EU, calling it a “self-inflicted injury” that has pushed up costs for American consumers and created businesses that depend on that relationship.
The European Union and the United States have the largest bilateral trade and investment relations and the most integrated economic relations in the world. Several groups have written reports on the proposed agreement, including: in an article in the Wall Street Journal, the Chairman of the Board of Siemens AG (with 70% in Europe and 30% in the United States) said that TTIP would strengthen the global competitiveness of the United States and the EU by removing trade barriers, improving intellectual property protection and introducing new international “rules of the road”.  Biden`s desire to tackle climate change could be a way to negotiate with the EU, especially after Trump`s withdrawal from the Paris climate change agreement, said Uri Dadush, a non-resident scientist at the Brussels think tank Bruegel, sponsored by EU member states and business. According to a Guardian report, the TTIP draft that was leaked in 2016 shows “insurmountable” differences between the EU and the US in some areas, with the US demanding that the EU compromise its “environmental, consumer and health standards.”  The draft EU text on trade and sustainable development was also sent to the Guardian in July 2016.  The Project of 23 June 2016, described as “restricted”, reveals new gaps in the G20`s commitment to phase out inefficient fossil fuel subsidies by 2025. The IMF estimates these subsidies at $10 million per minute worldwide and G7 ministers meeting in Japan promised to eliminate them in May 2016.  However, the project states that “this end of supply may take into account security of supply.”  The Guardian believes that this passage could be open to abuse and will be used to slow the exit of subsidies. Liberalisation of cross-border trade in services; and The Guardian called TTIP “the most controversial trade agreement ever negotiated by the EU.”  TTIP negotiations are criticised and rejected by some trade unions, charities, NGOs and environmentalists, particularly in Europe.   The Independent summarizes the negative effects of TTIP as “reducing regulatory barriers to large companies,