The successful adoption of the EU-US trade agreement promises both parties massive gains of up to $159 billion, but the profits could come at the expense of the everyday consumer, who could see the quality of their products diminish as a result.
Over 50 US officials are in Brussels to negotiate the Transatlantic Trade and Investment Partnership (TTIP), which, if signed, will create the world’s largest free-trade area, which has also been dubbed an “economic NATO”. Officials meeting in Brussels this week will hammer out details to reduce trade limiting regulations.
The new round of talks will focus on reducing trade barriers on investment, energy, services, and raw materials, and key agreements will be announced Friday.
‘Non-tariff barriers’ increase the cost of business, whether it’s adjusting the voltage on an electronic device, changing a car’s exhaust system to comply with local environmental regulations or a difference in opinion of which chemicals are “harmful” or “hazardous” in the respective territories.