Governance of transatlantic economic relations : what role for the TTIP?

Abstract

The ongoing negotiations between the EU and the US on a Transatlantic Trade and Investment Partnership have led to substantial concerns and opposition by civil society, mostly in Europe. It is the most significant international economic cooperation enterprise in which the EU is presently engaged, given the deadlock and the absence of EU participation in the major initiatives centered on Asia (TPP, RCEP). Many EU citizens are concerned that the US will dominate rule setting in the TTIP and that the result will be an erosion of European standards and norms in areas ranging from food safety to environmental protection, prudential regulation of the financial sector to data privacy. US observers point to a mismatch between perceptions and the reality that US standards are frequently very similar if not more stringent than those in the EU, and that enforcement is often more effective—recent examples include the LIBOR and VW emissions scandals, both of which were uncovered by US regulators. Aside from policy areas that are of direct relevance to transatlantic economic exchange, the TTIP is also of concern to third countries, including developing economies. The EU and US argue that one goal of the TTIP is to establish rules of the game in areas that are not yet covered by the WTO or other global fora. An important example are rules for digital trade and associated cross-border data flows; another concerns rights and obligations of foreign investors. This roundtable will engage on these questions, providing contrasting views from experienced practitioners and leading academic scholars.