The Transatlantic Trade and Investment Partnership (TTIP) is a proposed agreement between the European Union (EU) and the United States of America (USA) that aims to enhance economic cooperation. Unfortunately, negotiations between the two powers were suspended indefinitely in 2016 due to political issues. However, the EU continued with negotiations with Canada and Japan, forming two separate agreements known as the Comprehensive Economic and Trade Agreement (CETA) and the Economic Partnership Agreement (EPA), respectively.
Additionally, the EU has also entered into a trade agreement with Mexico known as the EU-Mexico Global Agreement. Negotiations for a trade deal with Mercosur, a South American free trade bloc that includes Brazil, Argentina, Uruguay, and Paraguay have been ongoing since 1999. However, the talks have been stalled on numerous occasions due to political reasons.
The EU has also entered into a trade agreement with South Korea known as the EU-Korea Free Trade Agreement. This deal came into force in 2011 and aims to eliminate tariffs and non-tariff barriers on goods and services between the two regions.
Another trade agreement that the EU is undertaking is the EU-China Comprehensive Agreement on Investment (CAI). This deal aims to provide European companies with more access to the Chinese market and also aims to create a level playing field for foreign investments in China. The deal is currently under negotiation and has been met with criticism from various groups.
Lastly, the EU has a trade agreement with Singapore known as the EU-Singapore Free Trade Agreement. This deal, which came into force in 2019, aims to remove trade barriers between the two regions and to improve investment opportunities.
It is worth noting that trade agreements such as those mentioned above have been met with both support and criticism. Supporters argue that such deals lead to increased economic growth and job creation, while critics argue that such deals primarily benefit corporations and lead to job losses and environmental degradation.
Overall, the EU has entered into several trade agreements with various countries and regions. The success of these deals in promoting economic growth and cooperation remains to be seen.
