The Transatlantic Trade and Investment Partnership, known as TTIP, is not intended as a classic trade agreement that is limited to the removal of tariffs and the opening of markets to investment, services and public procurement. Its importance and what complicates it is that it claims to go further in changing the rules and technical standards, which are currently the main obstacles to transatlantic trade. Regulatory changes may result in additional costs ranging from 10% to 20% in some sectors, while conventional tariffs average around 4%, but the importance and benefits of TTIP lie in removing non-tariff barriers on the basis of complex regulations that are currently the main barrier to business. But President Trump has not made the treaty a priority. Instead, Trump threatened a transatlantic trade war. As a result, treaty negotiations focus on areas of concern to both sides. Representatives have made progress in harmonizing security audit procedures and other rules. The resulting agreement will be much smaller and less important than the original TTIP. Several groups have written reports on the proposed agreement, including: as has already been pointed out, TTIP is one of many agreements negotiated by the EU, but it is not just another agreement. If the objective of concluding the negotiations is achieved and finally enters into force, once approved by the Council, the European Parliament and ratified by the Member States and the United States, it will be the most important agreement for both the EU and the United States, and its implementation will foreshadow the future of world trade and investment.
The EU negotiates agreements with Asian industrialised and emerging countries, the most important of which are those with Japan and China. For its part, the United States is moving in the same direction with the Trans-Pacific Partnership Agreement. The Transatlantic Trade and Investment Partnership (TTIP) is a negotiated free trade agreement between two of the world`s largest economies, the United States and the EU. The United States produced $20.5 trillion in 2018 and the European Union, which produced $22 trillion. The two economies account for almost a third of the world`s GDP of $135.200 billion. Developing and emerging countries can also have trade reorientation effects (Felbermayr, 2015). On the one hand, the economic growth of the United States and the EU could, on the one hand, give these countries the positive effects of increased demand through TTIP.