There could be significant potential gains for the European economy from the successful conclusion of the Transatlantic Trade and Investment Partnership (TTIP) agreement currently being negotiated between the European Union and the United States. Based on an independent report from 2013,47 the European Commission estimates that the EU economy should be boosted, in a range between 60 and 120 billion euro annually, depending on the degree of market liberalisation envisaged. Potential gains would stem from the reduction of tariffs, elimination of non-tariff barriers (NTBs) to trade in goods and in services, and from the opening up public procurement. Direct and indirect spill-over effects – the improvement of trade possibilities for third countries with the EU and US, either automatically or because third countries purposefully adopt the regulatory standards of the EU and US – could also bring significant gains.
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