EU-US trade – fears and hopes
Food, cars, energy, finance and chemicals are some of the sectors affected by the free trade negotiations between the European Union and the United States, known as TTIP.
A controversial deal that the Committee of the Regions of the EU debated during its Plenary Session on 12th February.
The agreement being negotiated by Brussels and Washington aims to eliminate customs tariffs and to harmonize importation regulations. Its supporters claim the European economy could earn 120 billion euros per year due to the integration of a market of 800 million consumers. But critics say it could lead to lower food quality and safety standards and weaker social and workers rights.
Tariffs are already low – averaging 3% – so it is estimated that 80% of the potential gains will come from cutting red tape. Chemicals is a top sector in EU/US trade, representing more than 20%, both in imports and exports, with pharmaceuticals representing half of that. The European lob
