TTIP. Its advantages and disadvantages in a globalized world - A new challenge for the Euro-American economic relation

Research Paper (undergraduate) from the year 2016 in the subject Business economics - Economic Policy, grade: 1,0, University of Applied Sciences Essen, course: Master of Business Administration (MBA), language: English, abstract: The Transatlantic Trade and Investment Partnership (hereinafter TTIP) is a bilateral free trade agreement affecting the EU and the USA and its goal is to remove tariff, non-tariff barriers and legal processes as well as trade regulations to facilitate and intensify the exchange of goods, services and investment between the two partners. Negotiations started on the 8th of July 2013 in Washington and still go on, as many details, regulations and sectors involved have not been definitely agreed yet. The debate remains, especially in the US, at the governmental level, as most of the US citizens do not even know of its existence. However, in the EU member states, the debate has been on the media for a while now with both, defenders and detractors, using a myriad of economic estimates and scenarios supporting their respective arguments. If other forms or superregional trade integration forms -with different characteristics and degrees of economic integration- have already been in place in the world since many years ago, the economic size and global influence of the two candidates willing to subscribe this free trade agreement make the TTIP a decisive macro economic zone accounting for approximately 30% of global goods trade, about 40% of the world services, and nearly half of the global GDP.