Liberalization of trade between the U.S. and the European Union

Abstract

The article analyzes the forthcoming liberalization of trade between the U.S. and the European Union in the framework of the forthcoming free trade zone and investments partnership (Transatlantic Trade and Investment Partnership). Importance of the U.S. and the EU in the global economy is documented by their shares on global GDP (46%) and world trade (30%), on the other hand their proportion of the world population reaches only 12,5%. Mutual foreign trade between the U.S. and European Union Member States are of complementary nature. In the development of mutual trade and investment cooperation there are reserves that can be effectively used through further liberalization of flows of goods, services and investment. This paper analyzed and evaluated the advantages and disadvantages, risks and problem areas in negotiating agreements on the Transatlantic Trade and Investment Cooperation.