Transatlantic Trade and Investment Partnership

The Transatlantic Trade and Investment Partnership (TTIP) is a proposed trade agreement between the European Union and the United States, with the aim of promoting trade and multilateral economic growth. The American government considers the TTIP a companion agreement to the Trans-Pacific Partnership (TPP). The agreement is under ongoing negotiations and its main three broad areas are: market access; specific regulation; and broader rules and principles and modes of co-operation. The negotiations were planned to be finalized by the end of 2014, but will not be finished until 2019 or 2020, according to economist Hosuk Lee-Makiyama.

The content of the agreement as well as the reports on TTIP negotiations are classified from the public, but after a proposed draft was leaked in March 2014, the European Commission launched a public consultation on a limited set of clauses and in January 2015 published parts of an overview; and subsequently increased security over its secrecy.

Trans-Pacific Partnership

The Trans-Pacific Partnership (TPP) is a trade agreement among twelve Pacific Rim countries signed on 4 February 2016 in Auckland, New Zealand after 7 years of negotiations, which has not entered into force. The 30 chapters of the TPP Agreement concern many matters of public policy and a stated goal to "promote economic growth; support the creation and retention of jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in our countries; and promote transparency, good governance, and enhanced labor and environmental protections." Among other things, the Agreement contains measures to lower trade barriers such as tariffs, and establish an investor-state dispute settlement mechanism (but states can opt out from tobacco-related measures). The United States government has considered the TPP as the companion agreement to the proposed Transatlantic Trade and Investment Partnership (TTIP), a broadly similar agreement between the United States and the European Union.

United States

Coordinates: 40°N 100°W / 40°N 100°W / 40; -100

The United States of America (USA), commonly referred to as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major territories and various possessions. The 48 contiguous states and Washington, D.C., are in central North America between Canada and Mexico. The state of Alaska is in the northwestern part of North America and the state of Hawaii is an archipelago in the mid-Pacific. The territories are scattered about the Pacific Ocean and the Caribbean Sea. At 3.8 million square miles (9.842 million km²) and with over 320 million people, the country is the world's third or fourth-largest by total area and the third most populous. It is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration from many countries. The geography and climate of the United States are also extremely diverse, and the country is home to a wide variety of wildlife.

Trade

Trade involves the transfer of the ownership of goods or services from one person or entity to another in exchange for other goods or services or for money. Possible synonyms of "trade" include "commerce" and "financial transaction". A network that allows trade is called a market.

The original form of trade, barter, saw the direct exchange of goods and services for other goods and services. Barter is trading things without the use of money. Later one side of the barter started to involve precious metals, which gained symbolic as well as practical importance. Modern traders generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning. The invention of money (and later credit, paper money and non-physical money) greatly simplified and promoted trade. Trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade.

Trade exists due to the specialization and division of labor, in which most people concentrate on a small aspect of production, trading for other products. Trade exists between regions because different regions may have a comparative advantage (perceived or real) in the production of some trade-able commodity, or because different regions' size may encourage mass production. As such, trade at market prices between locations can benefit both locations.

European Parliament

The European Parliament (EP) is the directly elected parliamentary institution of the European Union (EU). Together with the Council of the European Union (the Council) and the European Commission, it exercises the legislative function of the EU. The Parliament is composed of 751 (previously 766) members, who represent the second largest democratic electorate in the world (after the Parliament of India) and the largest trans-national democratic electorate in the world (375 million eligible voters in 2009).

It has been directly elected every five years by universal suffrage since 1979. However, turnout at European Parliament elections has fallen consecutively at each election since that date, and has been under 50% since 1999. Turnout in 2014 stood at 42.54% of all European voters.

Although the European Parliament has legislative power that the Council and Commission do not possess, it does not formally possess legislative initiative, as most national parliaments of European Union member states do. The Parliament is the "first institution" of the EU (mentioned first in the treaties, having ceremonial precedence over all authority at European level), and shares equal legislative and budgetary powers with the Council (except in a few areas where the special legislative procedures apply). It likewise has equal control over the EU budget. Finally, the European Commission, the executive body of the EU, is accountable to Parliament. In particular, Parliament elects the President of the Commission, and approves (or rejects) the appointment of the Commission as a whole. It can subsequently force the Commission as a body to resign by adopting a motion of censure.