In mid-2013 the US and EU launched negotiations to establish the world’s largest free trade and investment area, the Transatlantic Trade and Investment Partnership (TTIP). Ties between the two economies are already strong with unrivalled levels of bilateral foreign direct investment and trade flows worth €2bn a day. Through the removal of tariff and non-tariff barriers, TTIP would deepen this relationship further. An agreement has the potential to boost trade, enhance competitiveness, create jobs and help restart economic growth on both sides of the Atlantic.
Although tariffs are already low, the sheer volume of transatlantic trade means that their elimination will have a significant effect. The greatest economic gains, however, will come from the regulatory convergence and the mutual recognition of high standards of protection on both sides of the Atlantic. Beyond its impact on trade and investment, a truly ambitious agreement would send a powerful message from the US and EU to the rest of the world regarding their commitment to the development of new global rules and standards. The Czech Republic is an open, export-driven economy. The US is our second most important trading partner outside the EU and bilateral trade is dominated by highly sophisticated products. TTIP is expected to result in increased bilateral trade as well as in trade in value-added through other EU member states. More significantly, the removal of non-tariff barriers presents opportunities for several sectors, including automotive, healthcare technology and IT.
Czech business associations as well as individual companies already operating in the transatlantic market are supportive of TTIP. They share one key expectation – that an agreement will make doing business across the Atlantic easier. The general public has shown little interest in TTIP so far, most likely owing to limited awareness of EU trade policy issues, but this may change as the negotiations progress. In other EU Member States, TTIP has already sparked heated public debate as concerns over elements of the deal have emerged.
This conference is an opportunity to engage in an open debate on TTIP, focusing on its potential impact on stakeholders in the EU and the Czech Republic. We very much appreciate your input to the discussion.
Thursday, November 6, 2014
University of Economics in PragueMap
Náměstí Winstona Churchilla 4
- Ministry of Industry and Trade of the Czech Republic, Ministry of Foreign Affairs of the Czech Republic, Centre for European Studies of the Faculty of International Relations, University of Economics Prague (VŠE); Representation of the European Commission in the Czech Republic, Konrad Adenauer Stiftung, U.S. Embassy Prague, British Embassy Prague, Embassy of Sweden in Prague
- WORKING LANGUAGE
- Czech & English
- OFFICIAL HASHTAG