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Research Report

The Transatlantic Trade and Investment Partnership: Big Opportunities for Small Business

Garrett Workman
Copyright Date: Nov. 1, 2014
Published by: Atlantic Council
Pages: 21
OPEN ACCESS
https://www.jstor.org/stable/resrep03608
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Table of Contents

  1. (pp. 1-3)

    With Transatlantic Trade and Investment Partnership (TTIP) negotiations underway, there is an increasing focus on the prospective economic benefits and potential policy changes resulting from an ambitious agreement. While modernizing trade rules will benefit businesses of all sizes on both sides of the Atlantic, TTIP will be especially critical for small and medium-sized enterprises (SMEs) that often struggle with the numerous administrative, legal, and regulatory barriers to exporting that slow down trade and hinder innovation. Given their limited financial and human resources, small businesses stand to gain exponentially from a transatlantic agreement that streamlines

    SMEs with fewer than five hundred...

  2. (pp. 4-4)

    Most small businesses initially focus on their domestic markets as they develop and refine their goods and services. It is important for them to gain a sustainable foothold, quickly and reliably relate to their customers, and learn to respond rapidly to changing market demands. Whatever the motivation—establishing international product leadership, an economic slowdown at home, or a successful meeting at an international trade show—SMEs will eventually weigh the benefits of going global.

    Once these SMEs are ready to dive into the uncertain waters of international commerce, they face significant legal, administrative, and regulatory barriers that need to be...

  3. (pp. 5-9)

    The European Union and the United States are the world’s two largest economies, which together represent a combined 45 percent of global GDP.11 More than $2.5 billion in goods and services are exchanged between the two markets each day, and over thirteen million American and European jobs are directly tied to transatlantic trade and investment.12 Yet, the tides of the global economy are changing; the United States and Europe will not maintain this preeminent position forever. In order to bolster the future competitiveness of both economies, the two sides began negotiations for TTIP last year to remove duplicative regulatory barriers...

  4. (pp. 10-14)

    Given the many particular challenges that SMEs face when starting to export, governments play important roles in simplifying the process and ensuring small companies have access to the expertise and assistance they need. TTIP is an excellent opportunity for the United States and European Union tocoordinate their approaches and facilitate cross-border trade and investment by SMEs. By removing tariffs, making the regulatory process easier to understand, and ensuring companies have access to the information they need to start exporting, TTIP can make a real difference in jumpstarting the transatlantic economy. Moreover, while some challenges cannot specifically be addressed in a...