We formed the Transatlantic Trade and Investment Partnership (TTIP) Caucus to provide a forum to discuss the broader U.S. economic goals and benefits of the TTIP Agreement.
The United States and the European Union share a very strong economic relationship. Together, the U.S. and the E.U. create over $16 trillion in GDP, which is nearly half of the global domestic product and accounts for 30 percent of the world’s trade and investment. This relationship also generates $5 trillion in total commercial sales each year. Goods and services worth $2.7 billion are traded bilaterally every day, promoting economic growth on both sides of the Atlantic. Ultimately, trade with Europe supports 2.4 million American jobs. Even with these statistics, there are substantial additional benefits to be gained through closer economic cooperation with the Transatlantic Trade and Investment Partnership Agreement.
We believe that bilateral trade with the European Union will provide a mutual beneficial boost to our respective economies. With a comprehensive TTIP Agreement, we have the opportunity to tackle barriers that needlessly increase the cost of trade with Europe (like duplicative regulations, tariffs, and other measures). A successful TTIP Agreement provides the United States and the European Union the opportunity to align on many 21st century trade issues that both economies face around the world. This agreement will allow us to establish common ground in order to set high standards, thus making those standards the new global norm. We look forward to working within our caucus and in Congress to ensure that the TTIP agreement meets these challenges and works for the American people.