IMPACTS AND PERSPECTIVES OF TRADE INTEGRATION BETWEEN THE EUROPEAN UNION AND THE USA

The research problem stems from the constraints on the precise identification of the potential impacts of the implementation of the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the USA, especially on EU trade and its Common Trade Policy. The aim of the research is to review the prospects for its further implementation by analysing the current trade relations between the EU and the USA and by examining key TTIP elements. The purpose of the research is to examine all relevant and to point out crucial effects of this Agreement. The research has identified potential key impacts of TTIP, especially economic effects, effects on small and medium enterprises and effects on the global economy. Key economic effects include impacts on GDP, employment and exports, manifested for example through changes in wages and prosperity. Furthermore, the implementation of this Agreement would open up the possibility of even better inclusion of small and medium-sized enterprises in world trade flows, thereby contributing to the achievement of their higher level of innovation and competitiveness. The effects on the global economy are primarily manifested through the abolition of regulatory and other constraints and the overall incentives for liberalization, which could have an effect on increasing the volumes of international trade and further global economic integration. Based on our research, it is possible to conclude that the TTIP destiny is largely uncertain and that its further implementation will largely be determined by political factors - such as national interests or internal, as well as external, political pressures. The research is mainly based on secondary data collected from relevant international statistical databases and official publications and research of international trade organizations.