The United States and European Union recently began negotiations on what would be, if completed, the largest trade agreement in world history. The Transatlantic Trade and Investment Partnership (TTIP) intends to eliminate barriers to transatlantic trade, including tariffs, duties, and burdensome regulations.
The American-European relationship is the largest in the world, accounting for half of global GDP and nearly a third of world trade. The U.S. and EU have frequently attempted to expand this partnership even further over the past two decades- but never on this scale.
If successful, the agreement could have considerable economic benefits, including economic growth, reduced unemployment, and higher wages. Furthermore, the TTIP would enhance mutual security between the United States and Europe.
This fact sheet provides a detailed history of U.S.-EU trade relations, and explains the goals, economic benefits, and security imperatives of the Transatlantic Trade and Investment Partnership.