According to an article from The Journal, the UK is hoping that while the G8 summit, which began in Northern Ireland on June 17th, is underway, it can take significant steps toward securing a trade deal between the European Union (EU) and the United States (US) that could be worth billions to both regions’ economies.
The Transatlantic Free Trade Area (TAFTA) or Transatlantic Trade and Investment Partnership (TTIP) is a proposed free trade agreement between the US and the EU that has been talked about since the 90s without any actual agreement.
One of the recent setbacks, as mentioned in a previous blog post, is regarding French concerns about the effect of a trade agreement on the film and music industry. However, at a meeting chaired by Ireland last week, EU trade ministers appeared to reach a compromise to allow talks to proceed.
Another setback in the US revolves around the recent surveillance scandal, which could conflict with the EU’s reputation for strict data protection standards.
The article in The Journal contains an infographic produced by the UK government, created to portray the economic benefits of a trade deal.
To access the article and contained infographic, click here.
Integration Point will continue to monitor the progress of the proposed trade agreement with the EU and US, and post updates on Global Trade News. To have news delivered directly to your inbox as it is posted, subscribe to receive email alerts in the upper right section of the blog next to posts.