TTIP aims to make rules and regulations for business in Europe and the U.S. more compatible in the long term. The goal: Common standards for future technologies create advantages for consumers and for companies.
Specifically, the TTIP negotiations seek to eliminate tariffs and other barriers to trade that exist between the European Union (the EU) and the United States of America (the U.S.).
The aim is to further open up the markets on both sides of the Atlantic. Furthermore, TTIP aims to loosen restrictions in the commercial services sector, improve security of investment, and to level the playing field for competitors from both sides of the Atlantic, including by facilitating access to public procurement contracts at all levels of government. And then there are issues like better protection for designations of geographical origin for products.
TTIP gives us an opportunity to make rules and regulations for business in Europe and the U.S. more compatible in the long term. For example, the EU and the U.S. want to cooperate closely on developing joint standards for future technologies.
The goal is for the EU and the U.S. to jointly develop high environmental, consumer and employee protection standards.