TTIP_and_the_Economic_Crisis_a_Portugues - Research Paper...

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Helena Gandra University of Wroclaw The EU ʼ s External Economic Relations 15th of January 2016 _____________________________________________________________________ TTIP and the Economic Crisis: a Portuguese Case Study _____________________________________________________________________ Abstract: The Economic crisis brought difficulties to many countries, particularly the Southern European ones. As a way to boost the Western economy, the Transatlantic Trade and In- vestment Partnership (TTIP) was idealized. Nevertheless, the TTIP can have positive and negative outcomes in terms of Eco- nomic performance, which will be explored in this essay. Due to the fact that the document is not yet fully accessible and is still under negotiations, a prediction of the consequences is not entirely possible. However, an attempt to analyze the possible results will be made, mainly through literature review and statistical evidence. The main purpose of this essay is, therefore, to analyze the possible consequences of TTIP as an economic crisis response, in the particular case of Portugal. Keywords: Economic Crisis, TTIP, Portugal, Financial Crisis, Transatlantic Trade and Invest- ment Partnership. Research Paper Gandra
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Introduction In the wake of the recent financial crisis, in 2013 the European Union and the United States launched a joint, ambitious effort to boost their respective economies through a comprehensive trade and investment agreement. 1 The Economic crisis that begun in 2008, brought major difficulties to the European Un- ion Member States, in particular to the Southern countries. Faced with detrimental desig- nations and reputation as in the case of PIGS (Portugal, Italy, Greece and Spain) and ma- jor economic difficulties such as high levels of unemployment and migration, the European Union acknowledged that one of the possible solutions to solve this major crisis would be to create a partnership between the two major trading blocks: the USA and Europe. The TTIP (Transatlantic Trade and Investment Partnership) is, of course, one of the hot topics of the present time. Important contributions on this theme were developed by scholars such as Francois and Manchin, in Quantifying the Impact of a Transatlantic Trade and Investment Partnership (T-TIP) Agreement on Portugal, where using a CGE model, they try to establish possible case scenarios and its consequences within the Portuguese economy. Nevertheless, the assumptions fail to contextualize the situation in which Portu- gal encounters itself at the present time. This is, however, more closely observed in the work of Leão and Nogueira Acordo de Parceria Transatlântica entre a UE e os EUA Con- stitui uma Ameaça ou uma Oportunidade para a Economia Portuguesa? , where they try to establish a comparison between when Portugal joined the EU and its economic conse- quences and the possible outcome of TTIP for Portugal. However, it neglects the current situation in which Portugal finds itself due to the crisis.
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