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.

21st century

The 21st century is the current century of the Anno Domini era or the Common Era, in accordance with the Gregorian calendar. It began on January 1, 2001, and will end on December 31, 2100. It is the first century of the 3rd millennium. It is distinct from the century known as the 2000s, which began on January 1, 2000 and will end on December 31, 2099.

Transitions and changes

The first years of the 21st century have thus far been marked by the rise of a global economy and Third World consumerism, mistrust in government, deepening global concern over terrorism and an increase in the power of private enterprise. The longterm effects of increased globalization are not known, but there are many who are concerned about its implications. The Arab Spring of the early 2010s led to mixed outcomes in the Arab world. The Digital Revolution which began around the 1980s also continues into the present. The Millennials (born c. 1981-2000) having been born before the turn of the century give way to the rise of Generation Y & Generation Z in Western countries.

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.

European Union

The European Union (EU) is a politico-economic union of 28 member states that are located primarily in Europe. It covers an area of 4,324,782 km², with an estimated population of over 508 million. The EU operates through a system of supranational institutions and intergovernmental-negotiated decisions by the member states. The institutions are: the European Parliament, the European Council, the Council of the European Union, the European Commission, the Court of Justice of the European Union, the European Central Bank, and the Court of Auditors. The European Parliament is elected every five years by EU citizens.

The EU has developed an internal single market through a standardised system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished. EU policies aim to ensure the free movement of people, goods, services, and capital, enact legislation in justice and home affairs, and maintain common policies on trade,agriculture,fisheries, and regional development. The monetary union was established in 1999 and came into full force in 2002. It is currently composed of 19 member states that use the euro as their legal tender.

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.