353 The European Economy M7 Europe opens trade talks with US The Transatlantic Trade and Investment Partnership (TTIP) is a trade agreement that is presently being negotiated between the European Union and the United States. It aims at removing trade barriers in a wide range of economic sectors to make it easier to buy and sell goods and services between the EU and the US. On top of cutting tariffs across all sectors, the EU and the US want to tackle barriers behind the customs border – such as differences in technical regulations, standards and approval procedures. These often cost unnecessary time and money to companies who want to sell their products in both markets. For example, when a car is approved as safe in the EU, it has to undergo a new approval procedure in the US even though their safety standards are similar. The TTIP negotiations will also look at opening both markets for services, investment, and public procurement. They could also shape global rules on trade. Talks started in July 2013. http://ec.europa.eu/trade/policy/in-focus/ttip/aboutttip/ (12.9.2014)  Name the four types of freedom that are ensured by the agreement of the European internal market (M 5). 2 Draw a chart presenting the benefits mentioned in the text and think of other benefits, as well as potential dangers, that come with this agreement (M 6). 3 Explain why the introduction of SEPA was a necessary “next step” in order to complete the idea of the European internal market (M 6). 4 Group work/Internet research/presentations: Educational programmes and projects implemented by the EU have become more and more important when it comes to European education. Find examples of such programmes and projects and tell the class how you can benefit from them. 5 After reading M 7 and gathering more information at home about the TTIP – its plans and negotiations, lead a fishbowl discussion about the pros and cons of the TTIP for the European consumers. Exercises TTIP is said to boost – the EU’s economy by € 120 billion; – the US’s economy by € 90 billion; – the rest of the world’s economy by € 100 billion. The deal would cover about 50 % of the global economic output and 30 % of global trade and because of its magnitude it would create de facto global standards. Source: European Union, 2014 5 10 15 20 71051_1_1_2015_Inhalt_4.indd 35 21.01.15 10:40 Nu r z u Pr üf zw ec ke n Ei ge nt um d es C .C .B uc hn er V er la gs