TTIP Provides Market Access Opportunities Despite Already Low Tariffs, Says CRS
Despite the low existing duties between the U.S. and European Union (EU), both partners stand to benefit substantially through duty elimination and reduction in the Transatlantic Trade and Investment Partnership (TTIP), said the Congressional Research Service (CRS) in a recent report on the potential agreement. Negotiations remain underway, and the U.S. is pushing comprehensive duty elimination (see 14031101). The successful elimination of tariffs could bring about at least $4.5 billion in annual U.S. gains, as well as $3 billion in EU benefits, said CRS.
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Some market access provisions continue to hamper the negotiations, however, the report said. “Some national governments have attempted to limit the flow of data across borders by requiring the processing of proprietary data on-shore or locating physical infrastructure within a country’s borders,” said the report. “Data privacy concerns are also likely to play a role in market access negotiations due to diverging views between the two sides on online web tracking and targeted advertising.” The recent spate of unauthorized disclosures of confidential intelligence material has increased sensitivity surrounding data flows, added CRS.