The TTIP and what it means for business owners
27th January 2015
The Transatlantic Trade and Investment Partnership (TTIP) is a proposed free-trade agreement between the European Union (EU) and the USA. The partnership’s aim is to reduce the regulatory barriers to trade for big business – including food safety law, environmental legislation, banking regulations and the sovereign powers of individual nations. Opinion on its ambitions are split: proponents say the agreement would result in multilateral economic growth, while critics say it would increase corporate power and make it more difficult for governments to regulate markets for public benefit. Are we risking giving too much power to big US corporations?
According to The Guardian, anti-TTIP campaigners claim one million people have signed a petition against the deal, mainly because of worries that it could open the door to US health companies running parts of the NHS. This has been firmly denied by the UK government and the European commission, who have said public services are explicitly excluded.
The NHS is not the sole concern. The Independent made a list of concerns, including food and environmental safety, changes to banking regulations – including an easing of data privacy laws, loss of jobs and an assault of democracy.
On the other hand, the Transatlantic Trade and Investment Partnership (TTIP) would be the world’s largest free-trade deal, creating a more level playing field, helping US and European companies compete with the rise of China and other emerging markets, as well as reinvigorating other global trade initiatives.
For the UK, the TTIP can bring increased globalisation; which will encourage, or in some cases force, business owners to adapt their current international marketing strategy. The need to localise and translate content in 2015 will only increase if businesses want to reach out for new opportunities and target new audiences.
The TTIP will open new markets and new possibilities for many businesses. Partnership with Foreign Tongues will enable them to target international buyers, create relationships with global suppliers and convert these opportunities into increased revenue streams.
Start thinking ahead.
If you are considering international market research or making your marketing and promotional material and website content multilingual, in order to reach out to these new markets and new consumers, then please call us on 0800 032 5939 or email – translation@foreigntongues.co.uk for the free, no obligation, 20 Minute Quote.
References:
https://www.theguardian.com/business/2015/jan/15/corporate-wolves-warning-ttip–trade-deal
http://www.independent.co.uk/voices/comment/what-is-ttip-and-six-reasons-why-the-answer-should-scare-you-9779688.html
