Removing tariffs barriers and regulatory issues are at the core of TTIP. Tariffs between the EU and the US have a very real impact on our economy. For example, in the Life Science industry, many medicines are approved as safe in one market but are delayed in another market, because the information required to be provided for approvals and the timescales for authorisations are different. If the EU and U.S. authorities can agree on a single, high standard, this will cut bureaucracy and reduce the risk of supply problems in getting medicines to patients.
To understand better what is on the table of the negotiations and how TTIP can help removing tariffs, watch this video by the American Chamber of Commerce in Sweden.