TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP

Considered a companion of the TPP (Trans-Pacific Partnership), the TTIP (Transatlantic Trade & Investment Partnership)23 is a newly proposed trade agreement (a regional trade agreement of different kind which includes investment also) between the European Union and the United States. Planned to be finalised by 2014, the pact is still (by March 2017) under the negotiation process. This agreement touches three broad areas—market

access; specific regulation and co-operation. The possible features and its impact are available in international media and other documents as given below:

• The major provisions included under this pact are—dilution in regulatory provisions to promote trade and investment, liberal banking regulation, liberal role and access given to the transnational companies, diluting sovereign powers of the nations.

• As per experts, it could liberalise one third of global trade and create millions of new jobs.

• As per the estimates of the European Commission, it will boost the EU’s economy by €120 billion, the US economy by €90 billion and the rest of the world by €100 billion.

The agreement has been severely criticised and opposed by majority of the unions, charities, NGOs and environmentalists across Europe. Critics have highlighted several apprehensions also related to it such as—the number of net job gains as there are chances of job losses, and low economic gains accruing at the household level. The reports on the ongoing negotiations and its contents are not available in the public domain as only authorised persons can access them. Whatever comments, reactions or criticisms we find on it are on the multiple leaks which the world had by now through different sources.

As in case of the trans-pacific partnership (TPP), the new government in the USA—the most important force behind the pact—has dropped out (by late January 2017) of the TTIP, too. This way, the proposed pact looks becoming weaker before its finalisation. And finalising the partnership without USA is neither possible nor will it have much substance. In this case, the EU may be more open to new regional trade agreements with other nations—India may also explore one such pact with it.