An ambitious Transatlantic Trade and Investment Partnership (TTIP), currently under negotiation, could provide hundreds of thousands of US jobs, benefiting every US state, according to “TTIP and the Fifty States: Jobs and Growth from Coast to Coast”, a report launched by the British Embassy Washington, Atlantic Council and Bertelsmann Foundation. This report—the first of its kind—outlines the benefit that TTIP could bring to jobs and exports to all 50 states.
What TTIP means for US and EU households
The report, launched in Washington by the Deputy Prime Minister Nick Clegg and US Senators Christopher Murphy (D-CT) and Ron Johnson (R-WI), concludes that an ambitious agreement could lead, when fully implemented, to more than 740,000 TTIP-related US jobs. This means one out of every 160 US jobs could be directly tied to the implementation of TTIP.
The report estimates that an ambitious TTIP agreement could lead to a 33% increase in exports to the European Union (EU) on average for each US state. This masks a wide range in estimates, from a 6.6% increase in West Virginia, to a 187% increase in South Carolina.
TTIP could be a key driver of wealth creation across the transatlantic economy for years to come. By lowering the costs of trade and driving job growth in a range of industries, US households stand to gain approximately $865 annually, and their European counterparts gain almost $720.
Negotiations for TTIP
Negotiations between the US and the EU for such an agreement began in July 2013. TTIP has the potential to be the largest bilateral trade agreement in the world, and bring significant economic benefits in terms of growth and jobs to both sides of the Atlantic. It could add as much as £10bn annually to the UK economy (£100bn for the EU and £80bn for the US). A second round of talks will begin in early October. TTIP negotiations are in their early stages but are central to bring jobs and growth for citizens of the EU and US.
View the “TTIP and the Fifty States: Jobs and Growth from Coast to Coast” report here.