As of this week, the Transatlantic Trade and Investment Partnership (TTIP) is into its eighth round of negotiations in Brussels, Belgium, and American businesses have a lot to gain in the adoption of an agreement, as the EU remains a critical market for the United States.
Having recently concluded its seventh round of negotiations, TTIP, unlike the Trans-Pacific Partnership (TPP) agreement, is still in an early enough stage that it is possible to have influence over what issues are included in its text.
But, there must be an awareness among business leaders and policymakers of how those standards and regulations affect different industries, and an active approach should be taken now to educate decision-makers about potential implications.
Last year, American businesses exported $2.3 trillion in goods and services to the world, $471 billion, or 20 percent, of which was sent to the EU. This makes the EU, as a region, our second largest export market after Canada. In 2013, the flow of trade between the United States and the EU represented 33 percent of global trade. In services, the United States has a trade surplus with Europe,