In summer 2013, representatives of the United States and European Union opened negotiations to establish the Transatlantic Trade and Investment Partnership (TTIP), which would deepen the relationship between the world’s two leading economies and create the world’s largest free-trade area. Gathered at the G8 meeting in Northern Ireland, the presidents of the United States, European Commission, European Council, and the prime minister of the United Kingdom underlined their mutual commitment to remove barriers to trade and investment across the Atlantic. If successful, this effort is expected to significantly strengthen the European and American economies by streamlining the two regions’ regulatory regimes—without lowering environmental or product safety standards. This will dramatically increase transatlantic trade and investment flows and support hundreds of thousands of related jobs. Importantly, TTIP also figures to be a key driver of wealth creation across the transatlantic economy for years to come. By lowering the costs of trade and driving job growth in a range of industries, American households (defined as a family of four) stand to gain approximately $865 annually while their European counterparts gain almost $720.

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