First and foremost, TTIP presents a unique opportunity for Germany to enhance its already strong economic relationship with the United States (US) and set the standard for economic governance in the twenty-first century. Harmonizing regulatory requirements and eliminating remaining trade barriers would significantly reduce transaction costs for German exporters and contribute to strengthening Germany’s transatlantic bond with the US. A successful and comprehensive agreement would help Germany attract higher levels of foreign investment, while simultaneously boosting export-related industries that drive its economy. Check out the full graphic and analysis here. 

Speeches & Announcements 

Support for TTIP Negotiations from Angela Merkel

In light of recent criticism from the German Minister for Economic Affairs and Energy Sigmar Gabriel with regards to the state of TTIP negotiations, German Chancellor Angela Merkel urges TTIP negotiations to continue. Merkel highlights the importance of promoting policies, like TTIP, that boost job creation as rationale for continuing the discussions. -Original article in German- (Zeit Online)

If you would like to read about Chancellor Merkel’s statement in English, please read this article from EurActiv.

 

 
In advance of a meeting in Tallinn, Estonia on Friday, EU Trade Commissioner Cecilia Malmström indicated her firm belief that trade is key to economic growth and prosperity in the European Union. The visit in Estonia was organized as part of a structured dialogue between the EU Affairs Committees of the parliaments of Estonia, Latvia, Lithuania, and Poland. (European Commission)

 

 2016 State of the European Union

In his speech addressing the EU Parliament regarding the state of affairs in the European Union, EU Commission President Jean-Claude Juncker proposed a positive agenda for the next twelve months, including protecting and preserving the European way of life, empowering the European Union citizens, defending the European Union at home and abroad, and Europe taking responsibility. He cautioned that the world is watching the European Union very closely to see if it is still able to conclude trade deals and shape economic, social and environmental standards for the world. (European Commission)

 

US Trade Representative Michael Froman and EU Trade Commissioner Cecilia Malmström are set to meet in Brussels Thursday, September 15, to discuss the future of TTIP negotiations. The Brussels meeting comes amid growing doubts about whether the United States and European Union can finish TTIP negotiations launched in 2013. (Politico Morning Trade)

 

Despite the recent criticism of TTIP negotiations, the Obama Administration is launching its final push to salvage discussions regarding TTIP. Although difficulties (the negative feelings in the United States, and the cumbersome approval process in the European Union) exist in both the United States and the European Union with regards to approving TTIP once negotiations are finished, US Trade Representative Michael Froman states that those closest to the TTIP negotiations are truly confident that progress is being made. (Financial Times)

 

Even when faced with some discontent with TTIP negotiations, vice chief US negotiator for TTIP, Ambassador Michael Punke remains optimistic that the deal will be closed by the end of the year. Punke indicates that many points are already agreed upon such as those affecting the automobile, pharmaceuticals, and medical device industries. (ItalyEurope24)

 

 

 

As TTIP negotiations are ongoing, this paper written by research economist Hugo Rojas-Romagosa from CPB Netherlands Bureau of Economic Policy Analysis published by the Centre for European Policy Studies uses a scenario analysis to estimate the potential effects of TTIP. Rojas-Romagosa finds that US-Dutch bilateral trade would double which would translates into further positive economic gains for all countries involved. (Centre for European Policy Studies)

In order to see how other European Union member states would benefit from an ambitious TTIP, please read this article from the Helsinki Times about the potential positive effect on Finland’s GDP.

 

Senior Lecturer and Associate Dean at the Institute for the Study of European Law, the City Law School, City University London Dr. Elaine Fahey takes an interesting approach to the debate regarding TTIP negotiations. Fahey offers the perspective that regardless of whether TTIP negotiations are successful, the negotiations themselves provide a plethora of positives. (Verfassungsblog)

 

US and EU officials are discussing a potential “Step 1” TTIP deal to lock in certain elements that can be finalized by the end of the year. These elements include mutually agreed upon standards for cars, pharmaceuticals and medical devices. However, some skeptics of the “Step 1” deal argue a downgraded deal may be hard to sell politically, especially amidst recent criticism of the deal. Negotiators of the deal on both sides of the Atlantic do not consider “TTIP light” an option as it would not unlock the wide ranging benefits that a comprehensive agreement could. (Politico)

 

The US Chamber of Commerce launched a 12-part series this week dedicated to examining the need for TPP to be approved this year from multiple perspectives, including innovation, US leadership around the world, digital economy, and more. Please read the first entry in the series by John G. Murphy, Senior Vice President for International Policy here.

 

In this piece written for the Global Times, Atlantic Council Senior Resident Fellow with the Brent Scowcroft Center on International Security Robert Manning analyzes how failure to ratify TPP would undermine the US security role in Asia. Manning asserts that not approving TPP would also be catastrophic because this is a moment of historic transformation both in Asia and of the global economy. (Global Times)

 

Daniel J. Ikenson, Simon Lester, Scott Lincicome, Daniel R. Pearson, and K. William Watson of the Herbert A. Stiefel Center for Trade Policy at the Cato Institute present a chapter-by-chapter analysis of the TPP from a free trader’s perspective. The conclusion of the paper is that as a whole, the terms of the TPP are net liberalizing. (Cato Institute)

We recommend listening to this audio file to hear US Trade Representative Michael Froman’s opinion on why free traders should get behind the TPP.

 

Economic Counselor and Director of Research at the International Monetary Fund Maurice Obstfeld explains his findings of the effects of tariffs on trading partners. Obstfeld’s results indicate that although tariffs may boost specific industries and frighten trade partners into changing their policies, such policies cause wider economic damage to the country imposing the tariffs. Tariffs will raise the prices of the home country’s exports relative to its imports. (IMFdirect)

 

According to German Foreign Minister Frank-Walter Steinmeier, CETA is the best and most progressive trade agreement the European Union has ever negotiated. German Foreign Minister Steinmeier indicates that if the European Union succeeds with CETA, among other benefits, it will be of great significance for the future of European trade policy as it is a chance to set global standards. (Embassy of Germany in Canada)

 

US- EU International Regulatory Cooperation in Practice – September 15 in Washington, hosted by the European Union Delegation the US – More Information

 

 

EU-Canada Trade Agreement: Meeting with EU Trade Commissioner Ms Cecilia Malmström – September 19 in Brussels, hosted by the European Council – More Information

 

A Conversation on International Trade – September 20 in Dallas, hosted by World Affairs Council Dallas Fort Worth – More Information

Conference: EU Trade Agreements in Practice – Making Trade Work for You– September 22 in Bratislava, hosted by the European Commission- More Information

Inclusive Growth in the European Union – September 22 in Brussels, hosted by Bruegel – More Information

Foreign Affairs Council (Trade) – informal meeting of trade ministers  – September 23 in Bratislava, hosted by the Council of the EU – More Information

 

Email mkasperek@AtlanticCouncil.org with your ideas and suggestions.