Regulation
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Regulation
Globally, trade provides customers and nations the ability to experience goods and services that are not affordable or cheaper locally in their nations. International trade between various countries is an essential factor in rising living conditions and supplying jobs and making it easier for customers to benefit from a broader selection of products. The economy today is more globalized than ever before. The number of trading agreements concluded between countries is increasing more frequently and quickly than in previous decades. There is no exception in the United States.
A trade agreement that the United States is currently negotiating that I would like to learn about is the Transatlantic Trade and Investment Partnership. From this trade agreement, there are significant potential points that result in this kind of trade. These points include:
- The transatlantic exchange economic ties are the most significant trading relationship in the world.
- This trade constitutes about a third of all commercial goods and services
.
- Trade is almost half of the global economy.
- TTIP is likely to be high, optimistic, and detailed in that the investment agreement will carry several advantages that support US jobs and growth’s international competitiveness.
- This investment deal would help improve economic prosperity for the US and the EU. About 13 million Americans, who currently depend on transatlantic trade and investments, will have more employment opportunities.
Similarly, there are significant regions and industries that the trade agreement would positively affect. It includes; both trading sectors in the United States and the European Union because they are economically ousted (Hamilton, 2014).
Some of the current tariffs or barriers to the selected trade option include; managing non-traffic barriers that would unleash this trade’s ability due to the low average taxes (Hamilton, 2014). Such controls and customs protocols shall refer to border legislation.
Also, consumers are likely to benefit from this trade agreement by providing growth prospects to customers and generating new jobs, thus addressing unemployment problems.
There are congress members who are in support of this trade. For instance, by submitting a letter to Michael Froman, the Trade Representative of the Nation, Orrin Hatch is Chairman of the Senate Finance Committee and Kevin Brady, Chairman of the Chamber of Ways and Means Committee (Daniel85). Both of them favor the accord because they think the country’s financial sectors would be brought up with a lot of prosperity by supplying it with greater profits.
Moreover, there is a congress member who is against this agreement. For instance, Chuck Schumer, a senator in New York, said the Senate was not voting on the TTIP deal, claiming to contribute to low salaries and the disappearance of many jobs in the United States.
Subsequently, the agreement is likely to benefit the US economy in general so that the US economy is growing. More of its small businesses will be able to expand as large enterprises. More income from trade would also be produced by the government (Hamilton, 2014).
Lastly, the trade agreement is likely to benefit people in my state precisely so that the deal would directly help exporters by specific barriers and most trade controls with those countries who have signed up to this deal. It is evident from the trade agreement that International trade between different nations leads significantly to increase working opportunities and the availability of workers and promotes a broader variety of goods for consumers (Hamilton, 2014). Today’s economy is globalized more than ever. Increasingly and is the number of trade agreements entered into between countries than in previous decades. And therefore, In the United States, there is no difference.
Reference
Hamilton, D. S. (2014). America’s mega-regional trade diplomacy: comparing TPP and TTIP. The international spectator, 49(1), 81-97.