A thought on the whole topic is: “Is the TTIP a way out for a declining European economy? Who will answer the pros and cons of this massive agreement and what the TTIP entails”
It is needless to say that the EU has been facing some serious challenges regarding its own economy: with northern European countries seeming to be non-willing to climb down from their ivory-towers and southern Europe slipping into a vicious circle of excessive debt (which is holding back the euro-zone in general). A stimulus to the European economy offered by the Transatlantic Trade and Investment Partnership (TTIP) seems to be a rather suitable solution to this situation. While we hear May buzzwords regarding TTIP being thrown around, do we actually know what TTIP is all about? Some could say it’s another complex trade entity for poor law students to learn, some others see it as a flagship of a trade liberalization
The TTIP is predicted to have economic, environmental (CO2 emissions) and social (reallocation of labor and wage changes) impacts on the stakeholders. Due to the sheer economic size of the two partners and their current trade intercourse, the impacts are hard to evaluate.
Significant consequences to regulatory framework and attempts to maintain multilateral approaches to trade and investment are also on the agenda.
TTIP: the Bigger Picture
China, Russia and Eurasia: it is obvious that the steep size of the agreement will have a global economic impact. The Impact Assessment (IA) conducted by the European Commission predicts substantial benefits to be caused by increased transatlantic investment flows. TTIP is, hypothetically, predicted to strengthen European economic and social cooperation and further US commitments to the EU as well as promote the attractiveness of the “Western” model. It is likely to stimulate US investments and Europe’s relations with other trade partners while encouraging eastern European economies to resist Russian encroachment. However, while China, India and the ASEAN region benefit in in terms of national income, the IA indicates possible decrease in their relative terms of trade on the world market. On the other hand, the IA predicts that Eastern European economies will substantially benefit from the agreement. As stated, the overall impact of the agreement is still unclear and extremely hard to predict.
The European Commission’s Impact Assessment also puts social impacts on the agenda: labour demand will be increasing and as the labour force is to be reallocated around different industry sectors, changes in wages are very likely to occur depending on the sector. What the US-EU bilateral trade offers, is a platform for new businesses which indicates an increase in both employment levels as well as a new flow of income. Also benefits are predicted for both skilled and unskilled workers on both side of the Atlantic. IA predictions aside: the public has raised concerns that touch upon health protection, worker’s rights and consumer safety. These concerns are largely due to the lack of transparency around agreement negotiations. Especially concerning consumer protection: the EU’s strict consumer protection standards do not match US standards, and the fear of having to compromise EU standards is scaring many Europeans.
50 shades: Wider Picture of Union Game
In midst of TTIP in which, benefits of European Union may be harmed. There is another scenario, which lays questioning on existence of so many trade unions itself. We see a new trade union rising out of nowhere every a couple of years. Clearly these trade unions are mushrooming by heavy funding of biggest industrial houses, along with support of Influencing politicians. Cat-dog fights between these trade unions themselves, can make someone question why even these unions were created.
Not only this, these trade unions spend generously on the media campaigns to biggest PR firms and social media companies to be in limelight, generally raising out an issue from nowhere. Union ITUC always serve western interests, WFTU is named to be based on ideologies of Stalin, it’s hard to get why Unite the Union exists, and so on. Now these Unions are telling their views on TTIP bill. At last we conclude that it is might be possible case that these trade unions have forgotten to help the workers and to listen to their needs, in the race to earn more and more funding and become numero uno in the eyes of United Nations.