The United States and the European Union (EU) share an extensive, dynamic, and for many a mutually beneficial political and economic partnership. A growing element of that relationship is the role that the U.S. Congress and the European Parliament (EP) have begun to play, including in areas ranging from foreign and economic policy to regulatory reform.

The Alliance consists of nine organizations (Business Europe representing employers’ group, EuroChambres, European Services Forum, European Association of Craft, Small and Medium Size Enterprises, Transatlantic Business Council, Transatlantic Policy Network, American Chamber of Commerce to the EU, Amchams in Europe, U.S. Chamber of Commerce).   The move to create the European Business Alliance for TTIP follows a similar action taken in April 2013 by American corporations, which launched the US Business Coalition for Transatlantic Trade.

The recently launched Business Coalition for Transatlantic Trade (BCTT) seeks to promote growth, jobs, and competitiveness on both sides of the Atlantic through an ambitious, comprehensive and high-standard trade and investment agreement between the United States and the European Union.

The trade deal between the U.S. and the EU  will undoubtedly provide enormous opportunities for both the EU and American industry. The benefits to businesses on both sides of the Atlantic will most certainly come from the elimination of tariffs, in particular in those sectors where they have been remarkably high. But tariffs alone have not been the only barrier to trade. Most benefits for the industry, in fact will mainly derive from the smoothing out of the regulatory differences that so far have been an impediment to trade.