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What does TTIP mean?

Mar 13, 2014

According to AmChams in Europe, TTIP means a stronger economy, lower prices, benefits for large and small companies, maintaining standards and customer protections and more money in customer's pockets.

The Transatlantic Trade and Investment Partnership (TTIP) is set to create economic well-being for business and citizens alike. Economic activity could increase by EUR 119 billion per year in the EU and EUR 95 billion in the U.S., with elimination of tariffs increasing business productivity by EUR 107 billion per year in the EU and EUR 71 billion in the U.S. Cooperation on customs and regulations will reduce the amount of paperwork and administration needed to export products and services. The elimination of tariffs, streamlining of customs procedures and aligning regulations will make it cheaper and easier to export and bring new products to the market.

AmCham Latvia strongly supports TTIP believing that such an agreement will increase trade and investment between the EU and the U.S., including Latvia. The TTIP would give Latvian firms - especially small and medium sized enterprises - greater access to a huge market by reducing or eliminating market access barriers and tariffs.

To read the study by AmChams in Europe click here.

AmCham EU's position paper on TTIP is available here.

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