Today is the day that economists and traders have been waiting for. Right now 29 nations including the United States and the 28 countries that make up the European Union will be negotiating their biggest deal yet. The Transatlantic Trade and Investment Partnership will affect 30 percent of global commerce, eliminate $10.5 billion in tariffs, and boost trade by an estimated $280 billion a year. Industries in the EU and in America have already given the powers that be a list of changes they want to see by the end of 2014. Their 2014 end date is probably nothing more than wistful thinking, most of these talks can go on for years. The last trade deal the US made was with South Korea in 2006, and their talks didn’t conclude until 2011.
Agricultural commodities are going to be a big issue during the talks. Genetically modified foods will be hotly debated during the talk, and could end up causing delays since the US and EU seem to have very different takes on the issue. Big tobacco and the beef and poultry industry will be praying for lighter restrictions, and that they aren’t hit with heavier ones on the additives and chemicals they use on their products.
Transit and manufacturing are also big industries with a lot to gain or lose from the talks, but people are eager to see what both parties will say about laws pertaining to intellectual property and privacy. The PRISM scandal already has a lot of American allies unhappy, and France even tried to delay the talks because of their anger of the US’ expansive spy program (may not work out too well now that people know that France has had their own surveillance program going on for awhile). All we can do is it back, relax, and wait several months for the decision