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Creation of the Transatlantic Trade and Investment Partnership: Historical Aspects. P. 17–24

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Section: History

UDC

327.5

Authors

Sergey I. Grachev
Lobachevsky State University of Nizhni Novgorod 2 Ulyanova St., Nizhny Novgorod, 603005, Russian Federation; e-mail: sig-nur@mail.ru
 Viktoriya S. Chikal’dina
Lobachevsky State University of Nizhni Novgorod 2 Ulyanova St., Nizhny Novgorod, 603005, Russian Federation; e-mail: Finstera@yandex.ru

Abstract

The article deals with some historical aspects of the creation of the Transatlantic Trade and Investment Partnership (TTIP), the world’s largest free-trade area between the US and EU. The authors trace the historical dynamics of the pro-Atlantic movement in Europe in the context of US foreign policy and dwell on the creation of preliminary transatlantic institutions. The authors conclude that not only the strengthening of American and European historical ties was deliberate, but so were trade expansion, aiding NATO and highlighting common values. Together all these factors contributed to the establishment of TTIP. The authors also emphasize key issues related to the establishment of TTIP, such as rapid privatization of public sectors due to the defective investor-state dispute settlement system; lower technical and phytosanitary standards; revision of free-trade agreements; dwindling trade and economic cooperation with other countries. TTIP is supposed to work in parallel with the Transpacific Partnership (TРP); however, the mechanisms of complementarity of the two projects remain unclear. The article points out how the establishment of a free-trade area between Washington and Brussels can mean a substitution of WTO’s standards by their own technical and trade practices, which US and EU leaders have repeatedly hinted at. However, the authors believe in relatively high chances of successful TTIP talks between the US and EU as this project will bring the parties not only economic but also geostrategic benefits, finally allowing them to establish a common centre of power.

Keywords

transatlanticism, Transatlantic Trade and Investment Partnership, Transpacific Partnership, economic partnership, free-trade area, economic integration, Brexit
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References

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