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EU Trade Policy
Transatlantic Trade and Investment Partnership-TTIP
Negotiations for the conclusion of the Transatlantic Trade and Investment Partnership (TTIP) are of great significance to the EU-US relationship. TTIP has been expressly provided for in the Compact for Growth and Jobs (annex of the European Council Conclusions, 28-29.7.2012).
In accordance with independent economic studies, it is estimated that full and complete implementation of a comprehensive and ambitious Agreement could lead to an increase in exports from the EU to the US by up to 28%, increasing the total value of EU exports to the USA by 187 billion per year. It is also estimated that the EU economy could benefit by € 120 billion a year. Accordingly, the USA economy will have an extra profit of about 95 billion.
Negotiations started in 2013 and have stalled since 2016, following 15 rounds of negotiations. In spite of progress made so far in the negotiations – when it comes to better market access for EU and US firms, the simplification of technical regulations and on global rules of trade, including sustainable development and the environment - the areas where differences remain unresolved (public procurement markets, maritime sector, protection of investments, Geographical Indications and protection of consumers) are serious enough to prevent the conclusion of negotiations. In a Joint Statement issued on January 17, 2017 the EU published a progress report on the state of play of the TTIP negotiations. The report outlines the areas of mutual convergence as well as the areas in which further substantial work is still needed. To date, there are no indications of a possible resumption of negotiations.
Greece considers that TTIP could contribute, through increased trade and investment, to the development of both sides of the Atlantic, to the competitiveness of European products and businesses and to job creation. It is of great importance that the objectives of the Agreement include a high level of protection for the environment, the workers and the consumers and the right of the State to regulate in matters regarding the protection of investments, in case of an overriding public interest.
In the context of discussions with the United States of America for the conclusion of TTIP, Greece seeks to safeguard the right of governments to regulate in the public interest, the enhanced protection of Protected Designation of Origin (PDPs) products and Protected Geographical Indications (PGIs), the liberalization of maritime services and the establishment of an effective dispute settlement mechanism between private investors and the state (ISDS), based on the proposal of the European Commission for the establishment of a new judicial mechanism.