Post-Brexit Global Trade Relations: The Death of TTIP?

Abstract

Prior to Britain's popular referendum on whether to remain a member of the European Union, parts of the public in Britain and other European states had already expressed a great range of emotions concerning on-going negotations between the European Union and the United States regarding the bi-lateral Transatlantic Trade and Investment Partnership, more commonly referred to as “TTIP.” In February 2013, the European Commission optimistically projected that TTIP “would be the biggest bilateral trade-deal ever negotiated,” with the potential to “add 0.5% to the EU's annual economic output.” Most notably, TTIP seeks to streamline administrative rules and technical product standards in order to remove trade barriers, and aims to “achieve ambitious outcomes” across three broader areas—(a) market access, (b) regulatory issues and non-tariff barriers, and (c) rules, principles, and new modes of cooperation to address shared global trade challenges and opportunities.