Opinions are divided when it comes to the mammoth free trade deal
Once finalized, TTIP will create the world's largest free trade area, with about 800 million consumers.
Here are some of the main arguments brought by supporters and opponents of the deal.
THOSE IN FAVOR OF TTIP SAY:
- By abolishing import duties and aligning standards, TTIP could stimulate the economy and create new jobs on both sides of the Atlantic. In Germany - the EU's largest economy - one in four jobs is directly or indirectly linked to trade.
- The EU and US should join forces to prevent Asia from taking on a lead role in world trade.
- Common standards - for example, in car manufacturing - bring down production costs and could also lower prices for consumers.
- The deal could bring Europe and the US politically closer.
THOSE AGAINST TTIP SAY:
- The deal could lead to a weakening of standards that protect consumers, workers or the environment because they are perceived as barriers to trade.
- Rules that are partially aimed at reassuring investors that their projects will not be jeopardized by state decisions could allow large corporations to sidestep national laws and cause parliaments to lose influence.
- Import duties bring billions of dollars annually into state or EU coffers. Under TTIP, this money would no longer be available.
- State subsidies supporting cultural diversity could be challenged under TTIP.