Despite a study by the Ifo Economic Research Institute in Munich (at the request of the Federal Ministry of Economy), according to which the TTIP could create up to 400,000 jobs in the EU,[81] Stefan Koerzell, a member of the Federal Steering Committee of the German Confederation of Trade Unions (DGB), said “if the TTIP can create jobs, how much it is and where it is not clear. Previous studies, ranging from studies conducted by the European Commission to the expertise of the Ifo Institute, oscillate between optimism and very low expectations… Consideration of the negative consequences of trade agreements when environmental or labour standards are ignored is often overlooked. In August 2015, the United States ratified two of the ILO`s eight basic labour standards (bans on child labour and slavery). [82] In March 2013, a coalition of digital rights organizations and other groups issued a statement[113] calling on negotiators to “have TTIP debated in the US Congress, the European Parliament, national parliaments and other transparent for a,” instead of “conducting closed negotiations that give privileged access to insiders,” and getting TTIP out of the agreement. “Europeans have reported a lack of interest in everything that is global in the trade area,” said Bill Reinsch, senior advisor at the Center for Strategic and International Studies, in an interview. “They certainly intend to resolve open issues such as Airbus and the digital services tax, but do not seem enthusiastic about returning to something like the Transatlantic Trade and Investment Partnership. So if you`re not interested and Biden is busy, don`t expect much new. The Transatlantic Trade and Investment Partnership (TTIP) is a draft trade agreement between the European Union and the United States to promote trade and multilateral economic growth. According to Karel de Gucht, EU Trade Commissioner between 2010 and 2014, TTIP is the largest bilateral trade initiative ever negotiated, not only because it involves the world`s two largest economies, but also “because of its potential global reach, to set an example for future partners and agreements.” [1] U.S.

investment in the European Union is three times higher than U.S. investment across the Asian continent and EU investment in the United States is eight times higher than EUROPEAN Union investment in India and China combined. It is estimated that intra-company transfers account for one third of total transatlantic trade. The United States and the European Union are the main trading partners of most other countries in the world and account for one-third of global trade flows. Given the already low customs barriers (less than 3%) the aim is to remove non-tariff barriers in order for the agreement to be successful. [33] In October 2018, the two trading partners announced their intention to work towards a free trade agreement, although it was not launched amid ongoing political and trade issues. The areas of negotiation could be too difficult and the attempt to do so could amplify the differences, Ikenson said, especially since the European Commission has publicly expressed its concerns about the disputed negotiations.