Global Economics Monthly: Europe's Trade Strategy at a TTIP-ing Point
July 31, 2014
For the foreign policy communities in the United States and Europe, the logic behind the Transatlantic Trade and Investment Partnership (TTIP) is clear: the world order is evolving, and TTIP represents a last chance for the Western powers to define the rules of the global trading system. For the European Union’s trade negotiators, the rationale is more prosaic: the agreement must deliver real economic as well as geostrategic benefits. Yet with Washington refusing to budge on a range of EU priorities, from regulatory cooperation in financial services to access to energy resources, there is an increasing sense in Brussels that cooperation with the United States might run counter to its goal of shaping the global trading order. Moreover, recent European Parliament elections, changes to the rules that govern the European Union, and more public scrutiny of trade negotiations in Europe mean that geostrategic considerations alone may not deliver a TTIP agreement.