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Economic Impact of the Transatlantic Trade and
Investment Partnership on the United States,
European Union and Turkey
From past to present, international trade
and investments have continued growing
rapidly and connecting the countries
globally. Many bilateral treaties and/or
conventions have been signed by many
countries to boost trade and investment.
Those international treaties, at the same
time, provided for sustainable economic
development in the commercial and
investment areas by removing the trade
and investment barriers among such
countries.
Getting Beyond the Borders
Needless to say, since the beginning of
the 1900s, the leading parties in setting
the rules of international commerce and
investment have been the United States
of America (US) and the European Union
(EU). In 2010 the EU issued a press
release called Trade, Growth and World
Affairs
1
indicating the EU's trade strategy,
which can be briefly summarized as
developing the economy by maintaining a
sustainable development with high level
job opportunities and a steady policy in
economy. Similarly, the US's strategic
plan for 2013-2017 also contemplated
fast growth in the economy with the
expansion of market access for American
goods and services and signing bilateral,
regional and multilateral trade and
investment agreements
2
.
The US and the EU are the world's
largest economic blocs and obviously
they are each other's main trading
partners. This partnership has ultimately
led to entering into treaty to strengthen
trade on both sides of the Atlantic,
namely Transatlantic Trade and
Investment Partnership (TTIP), which
currently is under negotiation.
TTIP's aim is to create a free trade
zone between the territories of the EU
and the US under "beyond-the border"
trading concept, with special focus
on "regulatory issues and non-tariff
trade barriers" between the US and
EU countries. The contents of TTIP
involve terms on the trade of goods and
services between US and EU countries,
transatlantic job opportunities and
transatlantic innovation economy
3
with
the aim of improving the treaty and
parties' economies accordingly.
Current Status of TTIP
On January 7, 2015, the EU Commission
presented the negotiated texts
4
to
the public. According to the EU
Commission's news, the treaty has
24 chapters with three substantial
sections, which are: (i) market access,
(ii) regulatory cooperations and (iii)
rules. Factsheets on trade in goods and
customs duties, on services, on regulatory
coherence, on food safety and animal and
plant health, on sustainable development,
on customs and trade facilitation etc.
have recently been published by the EU
Commission. On February 4, 2015, the
eighth round for presentation and chief
negotiators briefing was held in Brussels
5
.
The discussions with the European
Parliament, the EU Member States and
the stakeholders had started and will
continue.
International ­ Europe, Middle East & Africa
Serap Zuvin is the founding partner of Serap Zuvin Law Offices.
She previously worked as an International Counsel for White &
Case, LLP in Turkey. She is widely recognized in the profession for
her expertise in aviation law and aircraft financing in particular,
and she has represented major aircraft manufacturers and
financiers.
Aybala Kurtuldu is a legal intern at the firm. She focuses
on corporate and commercial law, aviation law and mergers
and acquisitions. She has experience in preparing corporate
documents, including documents regarding company
establishment and documents necessary for the daily business of
corporations.
Serap Zuvin Law Offices
Beybi Giz Plaza, Maslak Mahallesi,
Meydan Sokak
No: 1 Kat: 31 Daire: 121, Maslak, Sisli
Istanbul, Turkey 34398
Phone: +90 212 2807433
Fax: +90 212 2781911
szuvin@zuvinlaw.com.tr
akurtuldu@zuvinlaw.com.tr
zuvinlaw.com.tr
Serap Zuvin
Aybala Kurtuldu