The negotiations on the Transatlantic Trade and Investment Agreement between Europe and USA ("TTIP") are entering into a crucial and final phase. The TTIP will have substantial influence on transatlantic trade between Europe and the USA, as current legal, technical and tariff barriers are material trade barriers, especially for small and medium-sized enterprises (SMEs). The seventh round of the TTIP was finalised in October 2014 and a while a final agreement is not expected within the near future, it is still a new trade framework which both European and US companies should be prepared for and follow closely.
Kromann Reumert draws focus on the following elements in a coming TTIP which can have material influence on European companies' trade with US companies:
- Elimination of customs duties
- Harmonization of EU and US regulation by regulatory cooperation
- Harmonization of standards
- EU transparency in the negotiations with and hearing of organisations, including the possibility of influencing the process
- Elimination of technical barriers
The above is only a brief summary of the more detailed Danish article on the Transatlantic and Investment Agreement, which you can access here.
Kromann Reumert's advice
Even with the new TTIP, transatlantic trade in goods and services still gives rise to various legal challenges as non-compliance with the TTIP and other trade agreements could have material consequences, both legally, financially and imagewise.
Kromann Reumert's international trade specialists offer advice on the interpretation and extent of the new trade agreement as well as assistance in preparing compliance programs that support the new trade agreement and in implementing the trade framework in your company's existing export/import portfolio.