We are happy to publish AmCham Belgium’s Policy Flash from November 19, 2013: TTIP: back on track
The second round of the Transatlantic Trade and Investment Partnership (TTIP) negotiations successfully concluded last week. An important step forward was made when both the EU and the US agreed to aim for broad regulatory convergence as the end goal of the TTIP process, going much further than the reduction or elimination of tariffs of a traditional free trade agreement. This is welcome news considering that an estimated 80% of TTIP benefits would come from the mutual recognition and streamlining of regulations and standards.
Such an agreement could add €119 billion to the EU's GDP. As the gateway to Europe, Belgium stands to gain significantly from TTIP. An independent study found that, in the best case scenario, TTIP could create over 4,000 jobs in Belgium and increase real capita income by 3.63%. Additionally, at EU level, the chemicals sector and the transport and logistics sector stand to grow by 9% and 6% respectively. Given the country’s reputation as a logistics hub, and the fact that it is home to the world’s second largest chemical cluster, it is clear that the TTIP is an historic opportunity for Belgium. With such compelling incentives, we believe there should be much stronger political backing for TTIP in Belgium.
AmCham Belgium is reaching out to generate more support for TTIP in Belgium.