What is TTIP?
The Transatlantic
Trade and Investment Partnership (TTIP) is a proposed treaty between the EU and
US which effectively creates a single market. If passed it would undoubtedly be
the largest free trade deal in history. The treaty itself would cover all areas
of the economy including health care, finance and industry. It would
dramatically change the way which the EU trades with the US.
Key features:
1.
Undemocratic
2.
Investor-state dispute settlement (ISDS)
3.
Threat to jobs
4.
Deregulation
5.
NHS (and other public services)
It claims to
overcome ‘bureaucratic hurdles’ and help small businesses, instead it would do
the opposite. TTIP hands more power to big business and would help US Mega
Companies breach the EU market which used to be protected. The EU claims that
the following agreement would put ‘€500’ into the pockets of the average EU
citizen per year. But, this figure is questionable and has been calculated by
dividing the ‘€119 billion’ by the number of citizens in the EU...so whether
this agreement would have any positive effects on the average person is still
up in the air. TTIP would also deregulate the market meaning that the
‘invisible hand’ would run freely without any interruption from governments.
Read the next blog
post to find out more information on those 5 areas.
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