Transatlantic Trade and Investment Partnership (T-TIP)
The Transatlantic Trade and Investment Partnership (T-TIP) is an ambitious, comprehensive, and high-standard trade and investment agreement being negotiated between the United States and the European Union (EU). T-TIP will be a cutting edge agreement aimed at providing greater compatibility and transparency in trade and investment regulations, while maintaining high levels of health, safety, and environmental protection. The agreement offers significant benefits for U.S. companies and workers through eliminating existing trade barriers and better enabling U.S. companies and workers to compete. T-TIP presents an extraordinary opportunity to strengthen the bond between vital strategic and economic partners.
The United States and the European Union already share the largest trade and investment relationship in the world. In 2014, the United States exported $498.4 billion in goods and services to the EU, which was an increase of almost 6 percent from 2013. Over 21 percent of U.S goods and service exports went to the 28 members of the EU in 2014. In 2014, U.S. goods and services exports to the EU supported an estimated 2.6 million U.S. jobs.
In 2014, the United States’ top goods export categories to EU were chemicals; transportation equipment; computer and electronic products; machinery, except electrical; and miscellaneous manufactured commodities. In 2013 (latest year available), the top U.S. service exports to the EU were charges for the use of intellectual property, other business services, travel (for all purposes including education), financial services, and transport.
Over 97,000 companies exported to the EU in 2013 (latest year available). Of those, 96 percent were small and medium sized enterprises (SMEs) with fewer than 500 employees. Small and medium-sized firms generated almost 30 percent of the United States' total known exports of merchandise to the EU in 2013. The European Union also accounted for $73.8 billion in SME goods exports from the U.S. that year.
T-TIP Opportunities by State
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