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GTAP Resource #4540

"The Transatlantic Trade and Investment Partnership: Effects on U.S., EU, and World Agriculture"
by Beckman, Jayson, Mary Burfisher, Shawn Arita, Lorraine Mitchell, Suzanne Thornsbury, John Wainio and Steven Zahniser

The United States and the European Union (EU) have committed to negotiating the Transatlantic Trade and Investment Partnership (TTIP) with the goal of liberalizing trade and investment. The United States and the EU are both large economies that together account for almost 47 percent of global GDP (EC, 2013). In 2012, the United States exported $351 billion worth of goods and services to the EU, and imported $449 billion from the EU (EC, 2014). Their agricultural bilateral trade was valued at $25 billion in 2012. Reducing market access barriers between the two economies will undoubtedly alter trade flows, commodity prices, and consumption and production patterns within the United States and EU, and with third-party countries as well.

The goals of the TTIP include the elimination of tariffs and tariff-rate quotas (TRQs), increased investment, and reduction of the barriers imposed by non-tariff measures (NTMs). Agriculture poses special challenges in the negotiations. Tariffs remain high on many farm commodities and NTMs are widely used, particularly for meat and dairy products, and these may carry important interactive effects with tariff and TRQ barriers. There are the added challenges of issues related to food quality and safety, and consumer perceptions and preferences. Strong consumer preferences for food safety and quality characteristics will influence the competitiveness of suppliers, even if bilateral trade barriers are successfully removed.

Resource Details (Export Citation) GTAP Keywords
Category: 2014 Conference Paper
Status: Published
By/In: Presented at the 17th Annual Conference on Global Economic Analysis, Dakar, Senegal
Date: 2014
Created: Burfisher, M. (4/16/2014)
Updated: Burfisher, M. (4/16/2014)
Visits: 1,826
- Calibration and parameter estimation
- Non-Tariff barriers
- European Union
- North America

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