The EU–US TTIP agreement will influence the restructuring of trade rules and rules of global economic governance.

Today, the twelfth round of EU-US trade talks to take place in Brussels from 22 to Friday 26 February 2016. The talks will help pave the way for a Transatlantic Trade andimage Investment Partnership, or TTIP, between the EU and the US.

The European Union and the United States have made considerable progress towards a Transatlantic Trade and Investment Partnership (TTIP) in the past year, notably since the G7 Elmau summit in June, when EU-U.S. agreed to accelerate work on all elements of the agreement.

EU-U.S. also agreed on new “privacy shield” agreement recently achieved with the United States on establishing a new framework for transatlantic data flows. The New indications of the EC position on Safe Harbor are revealed in recent written comments of the EC on the Judicial Redress Act. The JRA gives same privacy rights to EU as U.S. citizens.

The JRA is an important piece of pending US law that could begin to bring needed comfort to the various European Union governmental entities that must be satisfied with US privacy reforms.

At the 12th round of EU-US trade talks, Negotiators will discuss all three main parts of the agreement, namely:

  1. market access,
  2. regulatory cooperation, and
  3. rules.

The TTIP matters. A stronger trans-Atlantic economy can reinforce Western values, bolster strategic interests and serve as an example for other parts of the world. TTIP contribution to global economy along with other market opens and regulatory factors matter. It offers huge potential to create jobs and growth and help set high standards for trade around the world.

The EU and the United States are incredibly important partners that share common values, goals and interests in promoting Innovation and to continue building a thriving innovation ecosystem in both the United States and the EU. If TTIP is done right, workers and consumers will benefit later through more and better jobs, lower prices, and more innovative products and services.

The EU–US TTIP agreement will greatly influence the restructuring of current international trade rules and regulatory reforms needed in global market economic governance. The finalisation of the Umbrella Agreement negotiations is therefore an important step to strengthen the fundamental right to privacy effectively and to rebuild trust in EU-US data flows, so companies and individuals on both sides of the Atlantic can continue to ensure a high level of data protection.

We want Washington establishments to have the best workforce, science, and technology transfer systems in the world. And we want in the transatlantic trade deal, currently being negotiated by the United States and Europe to strengthen our bonds and stimulate growth on both sides of the Atlantic. In this context, The United States and the EU stand as one in the defence of innovation and investment in the digital economy and in support of multi-stakeholder approaches for its governance. A stronger trans-Atlantic economy can reinforce Western values, bolster strategic interests and serve as an example for other parts of the world.