Proposed Transatlantic Trade and Investment Partnership (TTIP): In Brief (CRS Report for Congress)
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| Release Date |
Revised June 11, 2014 |
| Report Number |
R43158 |
| Report Type |
Report |
| Authors |
Shayerah Ilias Akhtar, Specialist in International Trade and Finance; Vivian C. Jones, Specialist in International Trade and Finance |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The Transatlantic Trade and Investment Partnership (T-TIP) is a proposed free trade agreement (FTA) being negotiated between the United States and the European Union (EU). Congress retains the constitutional authority to 'regulate commerce with foreign nations,' and has a direct interest in the T-TIP, both through influencing the Administration's positions on issues in the negotiations and approving implementing legislation for any final T-TIP agreement for it to enter into force. The 113th Congress may consider the renewal of Trade Promotion Authority (TPA) for the T-TIP. Negotiators on both sides envision the T-TIP as a comprehensive and high standard FTA. They seek to (1) increase market access through the elimination of barriers to trade and investment in goods, services, and agriculture and the further opening of government procurement markets; (2) enhance regulatory coherence and cooperation; and (3) develop new rules in areas such as foreign direct investment, intellectual property rights, labor, the environment, and emerging '21st century' areas of trade (e.g., regulating data flows, trade facilitation in a supply chain environment, and the role of state-owned enterprises). The United States and EU also seek to use commitments reached in the T-TIP to advance multilateral trade liberalization, set globally-relevant rules and standards, and address challenges associated with the growing role of China and other emerging markets in the global economy.
