American and European trade representatives will meet next week for a seventh round of negotiations for the Transatlantic Trade and Investment Partnership (TTIP), a prospective free trade agreement between the United States and the European Union.
The negotiations, which will take place outside Washington, are scheduled to last from Sept. 29 to Oct. 3, according to the European Commission.
The US is the EU’s largest trading partner; in 2011, the EU exported €250 billion in goods and services to the US and imported €187 billion. With the tariff reductions and other market liberalization features in a prospective TTIP agreement, trade volume and job growth would increase significantly for both economies.
Americans import thousands of European products, including famous brands like Fiat, Ikea and Heineken that have become ubiquitous in daily American life. However, the trade of industrial goods, which makes up a large market share in the United States and European Union, can benefit from free trade under an upcoming agreement known as the Transatlantic Trade and Investment Partnership, also known as TTIP.
TTIP is a proposed U.S.-EU free trade agreement intended to bolster investment and increase movement of goods and services between the two regions, and is projected to generate additional income for the U.S. and the EU, according to Silvia Kofler, head of press and public diplomacy at the European Union Delegation to the United States.