Essay on US & EU Embrace TTIP: Transatlantic Trade & GDP Growth Rise

Americans do see the Transatlantic Trade and Investment Partnership as an essential tool for the international affair and relations, while Europe majorly considers the economic part rather than the global part. Americans recognized the need to reduce the tariffs of the trade between as this will help increase the total GDP level, and as a result, America experienced an increase in GDP by 0.04% while that of EU increased by 0.1%. And this also leads to the rise in the margin of transatlantic trade by 100 billion euro (Missiroli, 102).

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The transatlantic market brought about world business as it also opens doors to the other parts of the other countries, and this brought about significant and positive benefit economically to both the two nations. Through the set principles that guide the transatlantic trade helps accelerates the quest to faster economic growth by the 21st century, and this principle that later are being followed by the rest of the world showing that these standards were very (Welfens & Paul, 256).

The western way of life and leadership has been prevented from declining, and with the help of international money lenders like IMF and World Bank, they can withstand pressure from their competitors like China from subduing the two nations. It will also increase the employment base for the potential workforce from both countries and will increase there income level and standards of living (Santagostino, 243).

Being that the American has held the operation of their military on the Middle East and North Africa does not mean that the two have left behind their leadership but it implies that Us and EU have come to work together to achieve one specific objective which was more of economic and social related issues, and this has helped to reduce frequency of wars and uphold the virtue of peace between members of these countries. And the importance of TTIP goes beyond the limits of economic functions and incorporating strategic goals that if by any chance the agreement between these two nations fails them they would both suffer much and especially on the four areas (Zirin et al., 72).

The first one will be on the issue of political power if at all this agreement fails to bore fruits it brings high suspicion about the possibility of the western countries to merge and carry out their objectives as one thing despite their political differences and this will make legislative powers weaker.

It is failing in trading activities. The consumers will be the ones suffering from the highly raised cost of goods, small businesses will face stringent rules of trade, and this will discourage the low-income group from venturing into markets, similarly, the consumer won't enjoy any reduction of the cost that might have been there if at all the agreement was there. It will also affect the operation of world trades, as there will be very different rules that would be set for international trades this would render transatlantic traders less power to venture into these trading activities and even consumers everywhere will feel the pinch (Antonio 2017)

Both US and EU if they fail to agree not only will they suffer economically but it will also affect their GDP as most people view TTIP as a source of wealth to both nations, hence it will be of great importance for US and EU to consider and weigh the magnitude of suffering they are likely to expose their consumers too if they fail to agree on TTIP which acted as the best tool to enhance the excellent relationship between these two nations (Wickett & Xenia, 156).

Works Cited

Antonio Missiroli, A Handbook - The Eu And The World: Players And Policies Post-Lisbon, 2017.

Santagostino, Angelo. The Single European Market and Trade Policy. Newcastle-upon-Tyne: Cambridge Scholars Publishing, 2017.

Welfens, Paul J. J. An Accidental Brexit: New Eu and Transatlantic Economic Perspectives. , Springer, 2017.

Wickett, Xenia. Transatlantic Relations: Converging or Diverging? 2018. Internet resource.

Zirin, Kirill, and G A. Arkhipov. The Transatlantic Trade and Investment Partnership (TTIP): An Analytical Overview. , 2016. Print.