10 Reasons why the Transatlantic and Trans-Pacific Partnerships are Good for America
2. TTIP Will Bring Robust Economic Growth to Both Sides of the Pond
Several studies have attempted to calculate the economic benefits of the TTIP. One study by the London based think tank Centre for Economic and Policy Research suggests that the potential benefits of TTIP could equal €119 billion and €95 billion in the EU and US respectively per year – this translates to over $600 per family of four each year.
Another estimate by the German think tank Bertelsmann Foundation puts the benefits of TTIP in a different perspective. The authors argue that the European countries that currently have the most trade with the US will gain the most from the agreement. The top ten EU beneficiaries are the United Kingdom, Sweden, Ireland, Spain, Finland, Estonia, Latvia, Lithuania, Portugal, and Italy. The Bertelsmann Foundation study puts the US real per capita income gains at 13.4% – higher than any of the EU countries. In terms of promoting macroeconomic growth, the TTIP will provide a much needed boost to both economic blocs.
Perhaps the greatest benefit of the TTIP is that it can enable the US and the EU to negotiate a truly 21st century agreement that can be a template for other agreements and even for the World Trade Organization itself.
