The Transatlantic Trade and Investment Partnership (TTIP) is a trade agreement between the EU and the US. The potential benefit of the agreement for the UK’s small businesses is huge, if they’re looking to start or increase the selling of their goods and services to American customers.
Research shows the US is the second most popular destination for exporting small businesses. The UK is the US’s most important trading partner in the EU.
We’re lobbying for the TTIP to include an effective Small Business Chapter.
Action FSB have taken
We’re working with TTIP negotiators to ensure the Small Business Chapter will include:
- An SME portal with practical information for small firms.
- Legislation on both sides to be designed with small firms in mind.
- A modern ISDS (Investor State Dispute Settlement) system that’s affordable for small firms and includes mediation.
- Accessible public procurement markets to firms on both sides.
- The enforcement and protection of European Intellectual Property rights held by small firms.
To reduce the financial costs and simplify the current trade process with the US, we want small businesses to benefit from the TTIP. Abolishing tariffs, the recognition of EU standards and speeding up customs processes, are some of the potential benefits of the agreement. We’re working to ensure small businesses are considered at every stage of the agreement.
"Exporting to the US is a no-brainer for an online company! The sheer size of the market gives you such a huge opportunity in comparison to just the UK. The US has 370 million people compared to 65 million in the UK." FSB Member.