THE Confederation of British Industry is throwing its weight behind the Transatlantic Trade & Investment Partnership (TTIP), the planned EU-US trade deal.

TTIP is designed to remove a wide range of barriers to commerce between the two trading blocks.

But because levies on most goods traded across the Atlantic are already low, TTIP has a greater emphasis on harmonising regulatory standards.

John Cridland of the CBI ays it could be worth around £100bn a year to the EU economy, creating more growth and employment, but critics are fearful there could be negative consequences, such as the

  1. relaxing of safety standards
  2. opening up the NHS to privatisation.
  3. The investor-state dispute settlement (ISDS) which allows multinationals to sue sovereign governments in arbitration tribunals on the grounds if they believe their profits are threatened by government policies.

John Cridland said: “Europe’s business community has come together and is united in making a loud and clear clarion call to political leaders – this deal is vital for future growth and the prosperity for citizens across the EU. And could create thousands of new opportunities for our young people.

“A Transatlantic Trade & Investment Partnership (TTIP) could be worth up to 120bn euros to the EU every year. As European politicians gather to drive through Commission President Juncker’s 315bn euro investment package, they cannot ignore the significant contribution to jobs and growth that TTIP could also deliver.”

He added: “It would create an integrated market of over 800 million people, bringing more choices for consumers at cheaper prices. And with the UK already trading more and investing more with the US than any other country, there are real advantages to drive home particularly for smaller firms.”

Prefaced from the Business Desk 2014