TTIP: Implications for Innovation in Europe
TTIP could be considered the largest transatlantic initiative since the Marshall Plan. Its implementation could redefine transatlantic relations and positively impact innovation and business on both sides of the Atlantic. TTIP could succeed where discussions on a possible Transatlantic Free Trade Agreement (TAFTA) had failed in the 1990s. Over the past two decades, the circumstances have changed in both the U.S. and the European Union to support deeper integration of the transatlantic economy. Both have benefited from the conclusion of bilateral and multilateral trade agreements, policymakers on both sides of the Atlantic are looking for new ways to stimulate growth and jobs, and there is recognized potential to bringing down tariff and non-tariff barriers to trade. In such context, economic opportunities are fuelling political willingness for a successful agreement. The U.S. and the EU both stand to benefit from TTIP. Difficult discussions still need to be addressed – such as on agriculture and market access – but the U.S. and the EU should embrace an agreement that may not be perfect. Once TTIP is implemented, stakeholders and policy makers will be in a better suited position to re-evaluate and refine details of the agreement.The roundtable gathered a diverse group of around 25 participants. It was a great opportunity to discuss further issues related to small and medium size enterprises (SMEs), investor-state dispute settlement (ISDS), and lessons to be learned from other trade negotiations.