On June 14, 2013, the EU member states have given the green light for the European Commission to enter into formal negotiations as soon as possible so that the Transatlantic Agreement on Trade and Investment with the United States becomes a reality.
According to the Global Trends 2030 report, published by the US National Intelligence Council, by 2030 Asia could surpass North America and Europe combined in global power, with higher GDP, larger population, and military and technological investment. China itself will have arguably the world’s largest economy, surpassing that of the United States years before 2030.
Changes in world economies might have been one of the motivations for the United States to propose the Transatlantic Trade and Investment Partnership (TTIP).
Today, total US investment in the EU is three times its investment in all of Asia, and the EU’s investment in the US is about eight times its investment in India and China combined.
This initiative would have a significant economic impact, and would make it easier for European companies wishing to export to the US to internationalize.
Both the United States and the European Commission have declared their intention to reach an agreement by the end of 2014.
Time will tell if it will come to fruition within a reasonable time, taking into account that the project will have to face important challenges for the harmonization of regulations and the rapprochement of positions in their economic policies.