The Atlantic trade agreement, also known as the Transatlantic Trade and Investment Partnership (TTIP), was a proposed agreement between the European Union and the United States aimed at promoting economic growth by reducing trade barriers and increasing investment opportunities.
The TTIP negotiations began in 2013, but were suspended in 2016 due to public opposition to the deal and concerns about the potential impact on jobs, the environment, and public health. However, the Trump administration expressed its willingness to reopen talks on the agreement, but with a more America-centric approach.
Supporters of the TTIP argued that the agreement would create new jobs on both sides of the Atlantic, promote economic growth, and provide greater market access for businesses. They also claimed that the agreement would help strengthen the global economy by promoting free trade, increasing competition, and reducing barriers to entry for small businesses.
Opponents, on the other hand, raised concerns about the potential impact of the agreement on food safety, environmental regulations, and public health. They also argued that the TTIP would allow corporations to sue governments in secret tribunals, undermine public services, and reduce standards for workers` rights.
The TTIP negotiations were controversial from the start, in part because of concerns about the lack of transparency and public input in the process. Critics argued that the talks were dominated by large corporations and that the agreement would put their interests ahead of those of the general public.
In 2018, the European Union and Japan signed a trade agreement called the Economic Partnership Agreement, which eliminated tariffs on almost all goods traded between the two regions. The European Union also pursued a trade agreement with Canada called the Comprehensive Economic and Trade Agreement (CETA), which was signed in 2016.
The future of the Atlantic trade agreement remains uncertain, but the push for international trade agreements continues. The challenge will be to balance the desire for increased growth and prosperity with the need to protect the environment, public health, and workers` rights.