The Transatlantic Trade and Investment Partnership (TTIP): need to know

How will the controversial Transatlantic Trade and Investment Partnership (TTIP), designed to reduce trade restrictions between the US and EU, affect UK retail?

As published in Retail Week 7 September 2015

What is TTIP?

TTIP is a trade agreement set out by the US and EU to ease access to each other’s markets and encourage competition among businesses by reducing barriers to trade. If approved, it could boost the UK economy by as much as £10bn, according to a Government report, and benefit the average household by up to £400 a year.

The agreement is regulated by the Trade Policy Committee, made up of representatives from every EU member state. At present, the committee plans to finalise the agreement in 2016. It will then be passed on for approval by each of the 28 EU member states before it can be brought into action.

Why has it attracted so much controversy?

Proponents say TTIP will open new markets to retailers, generate jobs and enable greater consumer choice. The EU already trades £1.6bn worth of goods and services with the US, so removing tariffs to increase this by even a few per cent could have a significant impact.

Read the full article in Retail Week »

Dominic Watkins

Partner - Head of Food Group

I am Head of DWF’s internationally renowned food sector group as well as being Head of Regulatory in London.