Transatlantic Economic Relations and the Prospects of a New Partnership

The paper analyzes the international context in which negotiations between the European Union and United States on a Transatlantic Trade and Investment Partnership have been launched in July 2013. This context includes both the repeated failures of the Doha Round negotiations as well as the previous attempts and achievements of the European Union and United States to create a transatlantic partnership. The author considers that the current circumstances are more favourable for the successful finalization of the transatlantic partnership but, at the same time, stresses the sensitive issues that may delay or divert the negotiations. The paper concludes that there are many possible immediate positive consequences on economic growth and creation of jobs of the Transatlantic Trade and Investment Partnership as well as a high potential to expand its implementation in North America through NAFTA and in some other countries that have free trade agreements with either the European Union or the United States.