Europeans found out during the recent 2014 Transatlantic Conference, hosted by the American Chamber of Commerce to the European Union (AMCHAM EU) in Brussels that American companies fret about selling the deal. The reputation of the US-EU trade deal was moreover shaken by a column written by Guardian’s George Monbiot, who called the deal “a full-frontal attack on democracy” which triggered off intensive discussions and eventually also contributed to the rising unpopularity of the TTIP agreement. As a result, both sides – Americans and Europeans – trying to reveal the true purpose of the TTIP are giving rise to numerous conspiracy theories.
According to US Ambassador to the World Trade Organization (WTO), Michael Punke, the TTIP is a solution to the ongoing economic crisis as it provides a new economic “architecture” for the next fifty years. In his own words, this will benefit all citizens of Europe and the United States, not only the elite. Mr Punke emphasized that the aim of the agreement is “regulatory” and not “de-regulatory” as critics of the deal think and often point out. Mr Punke adds that in contrast to criticism, the TTIP offers tangible solutions to the crisis and policy makers have been making a lot of effort to tailor the agreement so that it promotes “participation”, “accountability”, and “transparency”. Moreover, Americans reassure that the TTIP is not an attempt to impose the US on Europe but the agreement will grant the same rights to both Europeans and Americans.
According to 2014 Transatlantic Economy report that was presented at the conference, the US-EU economy creates approximately 5 trillion euros in sales every year underwriting about 15 million jobs on both sides of the Atlantic. Moreover, both partners are each other’s main source of foreign direct investment. EU investment in the US was about 8 trillion euros in 2012, while the USA has directed more than a half of its FDI to Europe over the past fourteen years.
