EU News Updates 17th November 2015

A balanced EU-US Free Trade Agreement

The EU is negotiating an ambitious and balanced trade and investment deal with the US. The Transatlantic Trade and Investment Partnership (TTIP) will create new trade and investment opportunities for companies, big and small, and new jobs. For consumers, it will cut prices and widen choice, while keeping the EU's high standards for consumer protection, social rights and environmental rules.

It will also boost Europe's influence in the world – by shaping global trade, projecting our values and attracting more investment.

Policy areas

Negotiations cover three main areas.

• Better access to the US market

  The EU aims to lower or remove customs duties to the US, meaning big savings for consumers and companies in Europe. TTIP will also help Europe's firms, especially those smaller companies who face complicated rules when wanting to export.
  

• Working together to cut red tape and costs

  The EU and US often share safety and quality levels – in car safety, engineering, medical devices, etc. – while differing technical procedures can be costly, especially for smaller firms. Closer work between regulators would ease trade – while keeping the EU’s strict levels of protection for people and the environment. And encouraging regulators to share their expertise would help with new regulatory challenges in areas like electric cars or nanotechnology.
  
  
  

  G20 

  Among all G20 members, Turkey is the EU’s 4th largest trading partner, after the US,
  China and Russia. In 2014, the EU exported goods worth €75 billion to Turkey. The
  same year, EU imports from Turkey were worth €54 billion
  
  
  

  Did you know?

    
  
  The EU with its 506 million inhabitants accounts for 7.1% of the global population.
  The EU is the third largest member of the G20 in terms of population, after China
  and India.