Benefits of Transatlantic Trade and Investment Partnership
Currently, the European Union and the US account for over 50% of the world’s GDP with regards to value. This only shows that the two are already well integrated and there are chances that a trade pact between the two can have great impacts on the global economy. The Transatlantic Trade and Investment Partnership is a trade agreement that is due to be formed between the two economic strongholds. There are quite a number of benefits that can be achieved if the agreement is finalized and the pact is formed.
One of the benefits that the TTIP will offer is that it will give the members states of the European Union, the opportunity to freely exercise control over their public health systems. This freedom would offer the EU states, freedom of choosing whether foreign suppliers could bid for contracts. If so happens, they will also hold the decision on the terms of the contracts. Besides, the pact will also give EU member states the freedom of deciding whether foreign doctors are able to work in their systems. On the other hand, the member states will also have the freedom of choice on whether sections of the health service that had been privatized in the past should return to public ownership.
According most analysts, the pact between the US and EU will ensure that the two remain as allies and partners in addressing virtually every challenges that is faced globally. Since the trade partnership aims at eliminating trade barriers, it is believed that the member states of the EU and America will be able to boost the global competitiveness of their firms. By simply launching the negotiations, market confidence will be given a boost, creating avenues for new and much better investments. Besides, growth will also be achieved since the pact aims to eliminate trade barriers.
With regards to enhancing regulatory coherence and transparency, the Transatlantic Trade and Partnership Agreement also offers an opportunity for the development of cross-cutting disciplines on regulatory practices that have for a long time been known to support economic growth, eliminate trade barriers and enhance market integration. This also includes the promotion of greater transparency, participation and accountability in the structuring of regulations. Offering all stakeholders in the public and private as well as foreign and domestic an ample opportunity for commenting on proposed regulations.
It is also predicted that the Transatlantic Trade and Investment Partnership will need to an increase in the number of jobs considering that joblessness is a major problem that is currently facing the US and members states of the EU. It is estimated that the trade agreement may result into an increase of several millions of jobs based on the exports in the European Union.
When the negotiations between the EU and US are done, consumers will also be able to reap great benefits since it is expected that the cost of basic commodities will be significantly reduced. The agreement will be able to ensure significant wage increment and price deductions in several products.
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