In preparation for the sixth round of Trans-Atlantic Trade and Investment Partnership (TTIP) negotiations next week, I wanted to take a moment and highlight a recent position paper called TTIP: A Good Deal for Europe. The report, published by a trade association of online retailers called EuroCommerce, reinforces the need for the TTIP negotiations to remain a top priority. As the paper shows, with the right standards in place, TTIP can significantly advance health and growth on both sides of the Atlantic. How?
- Strengthening Trans-Atlantic Ties: European Union and United States already have a strong economic relationship. These two economies represent over 50% of the world’s GDP, and the EU and the US have the world’s largest investment relationship. In fact, annual trade and investment between the two economies exceeds €3 trillion. A successful TTIP negotiation will strengthen the ties between both sides of the Atlantic and allow for additional and continued growth.
- Harmonizing for Efficiency: A successful TTIP agreement centers around economic and regulatory cooperation. The EU has an opportunity for greater prosperity and economic stability by harmonizing regulatory processes with the US. Regulatory harmonization increases the efficiency of approving new medicines by reducing the need for unnecessary delays. Ultimately, that means people can receive the medicines they need more quickly.
I was glad to see EuroCommerce highlight the important topic of TTIP and its benefits to Europe through this report. The report provided an opportunity to reflect on why TTIP is so critically important to health and growth in Europe. If you’re interested in reading more, be sure follow us on Twitter and come back to visit us for more TTIP updates.