The TTIP event was hosted by Orrick, Herrington & Sutcliffe LLP with an attendance of more than 75 guests. The goal of the seminar was to educate businesses, media and the greater public about the agreement and the positive impact of enhanced transatlantic trade. The event followed a seminar-style structure headed by an expert team of panelists and keynote speakers from the U.S. and EU member state governments. The speakers were dedicated to discussing the TTIP and what this potential trade agreement means for businesses in practice in the United States and Europe.

Tim Bennett, CEO of Trans-Atlantic Business Council, greeted guests and began with an overview of the TTIP. Bennett informed the audience that the Transatlantic Trade & Investment Partnership (TTIP) is a trade agreement, which is dedicated to strengthening ties across the Atlantic. The TTIP commitments are threefold: to increase market access; to improve trade and investment by removing barriers; and to have more consistent rules on regulatory issues.

After the introductory speeches, Bennett addressed what the TTIP means for the Bay Area more specifically. He noted that despite the obvious ties of the Bay Area to the Pacific trading region, Europe and the Bay Area are inextricably linked and Europe’s economic ties to the Bay Area are deeply rooted.

• Europe remains the largest global investor in the Bay Area, accounting for one third of all foreign companies in the region. The UK, France and Germany are among the European countries who reflect the strongest presence in the area.

• Europe remains the third largest trade partner with the region, accounting for 20 per cent of all Bay Area exports. Because of its scale and legal transparency Europe offers accessibility and is often one of the first overseas market that US companies turn to.

• Europe is the Bay Area’s most significant global innovation partner. Both are committed to research and technology, on which they collaborate intensely. With over 40% of future innovators residing in Europe, (most notably in the UK and Germany) cooperation with Europe is key.

Hendrik Barkeling, Head of the Economic Section at the Embassy of Germany to the United States, noted it is because of these benefits that the TTIP is now “more important than ever”. He said that the US should be turning its focus towards Europe and trying to establish more harmonized relations. Panelist Melissa Blaustein, Founder of Allied For Startups, noted that the TTIP will be instrumental in helping to “rebuild trust on both sides of the Atlantic”.

From a small business perspective, Roy Paulson, CEO of Paulson Manufacturing, spoke about the process of setting up business in Europe. He made a strong case for establishing a presence in Europe, and that whilst it is a daunting prospect, businesses can reap the rewards. He concluded that networks such as the chamber of commerce’s and business councils are in place to help new business to grow and flourish in unknown territory.

The panel did a great job in addressing the common misconceptions and myths surrounding the TTIP and helped to explain and eradicate them. The issue of regulatory standards was a popular topic, with the common misconception being that the TTIP would weaken EU standards which protect people and the environment. The panel assured the audience that the EU standards are not up for renegotiation and that the TTIP is committed to protecting the high regulatory standards. A common misconception is that this agreement will mean less control for governments and politicians and that negotiators and big business will have the final say. The panel made clear that this is simply not the case. There was a unanimous recognition that this issue is essentially a political one and that EU and US governments are central to the passing of the TTIP.

If you would like to find out more information on the TTIP, visit Trans-Atlantic Business Council! See more photos on our Flickr Page!