The U.S. has been working on a Transatlantic Trade and Investment Partnership (TTIP) with the E.U. However, it has been held up by European Parliament because some members are skeptical of the benefits to Europe. Additionally, some citizens are protesting the deal and making their voice known to parliament. There were over 200 complaints and proposed amendments that caused the TTIP not to pass on June 10, 2015. A final vote over the TTIP has been postponed until the problems can be worked out.
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The TTIP is designed to eliminate regulatory barriers that big businesses face when trading between the U.S. and the E.U. Specifically, banking regulations, food safety laws, and environmental legislation would become easier to handle if the TTIP goes through. However, because of the current disagreements over the TTIP, major moves may not happen until 2016. U.S. Congress has granted President Barack Obama the power to speed up negotiations, if possible.
One of the major hold ups to the TTIP is that businesses can sue governments over health warnings and other violations. The U.S. thinks that current arrangements are adequate, but the E.U. thinks reform is needed. Similar treaties around the world, such as in Australia and Latin America, have caused problems in the past.
There is an online petition going around against the TTIP that has raised over 2 million signatures. The petition claims the TTIP threatens “democracy, the environment, consumers, and labor standard.” Organized protests have been happening throughout Europe since earlier this year, with the biggest protests in Germany.
If the TTIP does get passed, it’s good news for the U.S. It makes international shipping, trade, and business easier and more affordable. International shipping companies will see a boost in profits. Many people also argue that it presents excellent opportunities for E.U. businesses, too.[/show_to]