The Transatlantic Trade and Investment Partnership (TTIP) is a free trade agreement being negotiated between the European Union (EU) and the United States (U.S.). A strong TTIP pact between the United States and our European Union friends will expand trade, boosting jobs an economic growth on both sides of the Atlantic. The TTIP holds incredible economic potential and will represent the largest global share of auto production and sales ever covered by a single free trade agreement.
The biggest economic potential for the auto industry in TTIP is achieving convergence of EU and U.S. safety and environmental motor vehicle standards. It is estimated that addressing the tariff and these barriers would lead to major increases in EU and U.S. auto trade, boosting economic growth and jobs.
FCA US, Ford and General Motors support efforts by the auto industries both in the U.S. and EU to incorporate regulatory convergence of existing EU and U.S. auto regulation and develop a joint EU-U.S. regulator harmonization process for all future auto safety and environmental standards.
FCA US, Ford and General Motors believe that TTIP represents an excellent opportunity to break down trade barriers in the auto sector. Auto trade is 10% of total U.S.-EU trade and eliminating tariffs and achieving greater auto regulatory convergence will increase trade, lower costs, create jobs and improve auto sector international competitiveness. Regulatory convergence would also strengthen the roles of the U.S. and EU as worldwide auto standards setters.