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Published bySamara Barner Modified over 8 years ago
Transatlantic Trade & Investment Partnership (TTIP) Presented to the County of Riverside by Marin Dimitrov, Consul General of Bulgaria
In the summer of 2013, representatives of the United States and the European Union opened negotiations to establish the Transatlantic Trade and Investment Partnership (TTIP), which would deepen the relationship between the world’s two leading economies and create the world’s largest free-trade area.
Background The EU already is the No.1 destination for US exports and the No.1 source of all US imports EU-US relationship already supports a combined 13 million jobs on both asides of the Atlantic Some $3.9 trillion are invested in both directions every year, representing 45% of the global GDP The bilateral trade in goods and services exceeds $1 trillion every year TTIP can only enhance this solid performance
How will TTIP achieve this? By eliminating nearly all tariffs standing in the way of the trade and investment flows By streamlining the regulatory regimes - tackling those barriers which are behind the customs border – such as differences in technical regulations, standards and certifications By reducing the regulatory burden and bureaucracy, as well as by opening up the services and public procurement markets, which are currently costing businesses time and money
An independent study by the British Center for Economic Policy Research has shown significant benefits to the United States economy from the implementation of TTIP
Key potential benefits for all 50 US states (by 2027): TTIP could create more than 740,000 jobs across the United States – one new job generated for every 160 in existence all states gain jobs all states increase their exports to the EU, the average increase is 33% per state all sectors benefit from increased exports
Estimated % increase in individual state exports to the EU post-TTIP implementation
Estimated increase in TTIP-reliant number of jobs by state
What will be the specific benefits for California?
California and TTIP - 1 California’s economic relationship with the European Union is already strong, and a successful conclusion of the Transatlantic Trade and Investment Partnership agreement would contribute significantly to the state’s future economic growth.
California and TTIP - 2 The EU purchased California goods worth $25 billion (16 percent of goods exports) in 2012 and services worth $31 billion (35 percent of services exports) in 2011. Successful implementation of TTIP is estimated to increase California exports to the EU by 26.2 percent and could boost net employment by up to 75,340 jobs – the highest among all 50 US states!
Estimated Impacts of Full TTIP Implementation on Key California Sectors - 1 Top Sectors by Export Increase: Motor Vehicles: +$3.3 billion Chemicals: +$3.2 billion Electrical Machinery: +$2.2 billion Metals and Metal Products: +$1.3 billion
Estimated Impacts of Full TTIP Implementation on Key California Sectors - 2 Estimated Job Growth in Key Sectors: Business Services: +15,752 jobs Financial Services: +1,543 jobs Non‐Electric Machinery Mfg: +1,395 jobs Metals and Metal Products Mfg: +1,187 jobs
The bottom line…. Road ahead of TTIP will not be easy Diverging opinions on issues such as agricultural policy, public procurement etc. The bilateral economic benefits are significant and worth fighting for Substantial potential job growth and export gains will bring sustained economic prosperity on both sides of the Atlantic
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