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Crafting a Transatlantic Trade and Investment Partnership: What Can Be Done

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  • Jeffrey J. Schott

    ()
    (Peterson Institute for International Economics)

  • Cathleen Cimino

    ()
    (Peterson Institute for International Economics)

Abstract

A comprehensive Transatlantic Trade and Investment Partnership (TTIP) has important implications for both US-EU bilateral trade and the world trading system. If successful, it could strengthen transatlantic economic relations while also spurring trade reforms that could reinvigorate flagging multilateral trade negotiations. Both sides want the TTIP to be a big deal covering all major components of the commercial relationship. They can achieve the pact's ambitious agenda by (1) broadly aligning their respective trade pacts with South Korea and (2) deepening market access commitments covering both tariff and nontariff barriers to trade in goods, agriculture, and services. KORUS and KOREU FTA precedents are instructive but will need to be supplemented or adjusted in three areas if the TTIP is to succeed: intellectual property issues, sanitary and phytosanitary measures, and the environment. In several other areas KORUS-KOREU differences should be easier to bridge, including services, investment, government procurement, and competition policy.

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Paper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB13-8.

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Date of creation: Mar 2013
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Handle: RePEc:iie:pbrief:pb13-8

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  1. Gary Clyde Hufbauer & J. Bradford Jensen & Sherry Stephenson & Julia Muir & Martin Vieiro, 2012. "Framework for the International Services Agreement," Policy Briefs PB12-10, Peterson Institute for International Economics.
  2. Gary Clyde Hufbauer & Jeffrey J. Schott, 2009. "Buy American: Bad for Jobs, Worse for Reputation," Policy Briefs PB09-2, Peterson Institute for International Economics.
  3. Jeffrey J. Schott, 2010. "KORUS FTA 2.0: Assessing the Changes," Policy Briefs PB10-28, Peterson Institute for International Economics.
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