Trade between the EU and the US is already worth hundreds of billions a year. and the free trade agreement known as the Transatlantic Trade and Investment Partnership (TTIP) promises to increase this even further. However, the deal being negotiated by the European Commission and the US will still need to be approved by the European Parliament before it can enter into force. Check out our infographic to find out more about trade between the two regions.
The international trade committee is in charge of drawing up the recommendation on TTIP to MEPs, but 14 other committees will be contributing.
The TTIP talks focus on increasing reciprocal market access, making EU-US rules more compatible and developing mechanisms to face global trade challenges. It is expected that the deal will create opportunities for European small and medium-sized enterprises and lead to a boost of the EU’s gross domestic product.
In 2013 there were almost 47% more European exports to the US than imports. Europe also received almost double the investment from the US than it sent to America.