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Is it revolutionary or damaging? Opportunity or death sentence? The discussion on the TTIP is getting more and more vivid; it is a complex economic and political discussion, but it touches the daily lives of the average citizens but it has to be treated in a correct way.  Waiting to see the developments of the negotiations, I can now discuss on the available knowledge and especially on the reasons of for and against it.

The TTIP, literally "Transatlantic Trade and Investment Partnership", is a trade agreement between the United States and Europe that plans to integrate the two markets through the removal of economic barriers, tariffs, regulations, norms and standards. The goal is to allow the free movement of goods in their respective territories.

The negotiations started in 2013 and are still ongoing. The goal is to arrive at the final signing before the USA presidential elections scheduled for November 8th, but due to problems that have emerged in recent months; its likelihood to happen is very scarce. The USA and the EU are working to achieve at least one shared document of commitment to negotiations. If the documents are signed, the TTIP deals will have be dealt with by the European Parliament and, in case of favourable opinion, by the 28 EU Member States who also have the power to block it.

The US and the EU together account for a market worth 50% of the world’s GDP (and more than 30% of trade). Removing barriers would be the opportunity to create the largest free trade area in the world with more than 800 million consumers. A fundamental opportunity that will boost consumption and promote, export and increase the level of employment.

Such a vast global market would not function in favour of companies, consumers and the environment because it would lead to an impoverishment of the European legislation and safeguards in terms of market labour. For instance, citizen’s health would be at risk and the survival of small and medium-sized businesses would be threatened by the overwhelming power of USA multinationals.

Some predictions identify the TTIP as the cause of fall for the GDP, which would fall between 68 and 199 billion euro for the EU and between 50 and 95 billion for the USA by the year 2027. The centre of Ofse Austrian Research also estimates that the agreement would deprive the European budget 2.6 billion a year.

On the other hand, the "Centre for Economic Policy Research" in London has made a study for the EU Commission that estimates an initial increase in GDP, and greater wealth of 545 Euros per family each year.

Today, the times involved the get the approval to the export EU products in the USA are prohibitive. There are cases waiting up to 12 years and the tariffs sometimes unprofitable the whole process.

Generally, the fear involves the removal of barriers to open the doors to USA products that are currently prohibited, such as GMO vegetables, meat with hormones and antibiotics and vegetables treated with pesticides. In general, the risk is to reach out to a lowering of hygiene and health standards because the USA legislation is less strict than the European one, and would cause the loss labelling and traceability of products.

Image credits: http://www.globalresearch.ca/wp-content/uploads/2016/01/TTIP1.jpg