EC-US Agreement on Trade in Large Civil Aircraft: What You Need to Know
The EC-US Agreement on Trade in Large Civil Aircraft, also known as the Transatlantic Trade and Investment Partnership (TTIP), is a trade agreement between the European Union (EU) and the United States (US) that seeks to eliminate tariffs and regulatory barriers to trade in the aerospace industry.
The agreement was first signed in 1992, but has been updated several times since then. The most recent update was signed in 2011, and included a provision that allowed Airbus and Boeing to receive government funding for the development of new aircraft, subject to certain limitations.
One of the main goals of the agreement is to promote fair competition between Airbus and Boeing, the two largest producers of large civil aircraft in the world. The agreement seeks to prevent each company from receiving unfair advantages from their respective governments, which could distort the market and harm competition.
The EC-US Agreement on Trade in Large Civil Aircraft also includes provisions for protecting intellectual property, ensuring that both parties respect each other`s patents and trademarks. It also aims to promote cooperation between the EU and US on issues such as safety and the environment.
In addition, the agreement seeks to establish a framework for resolving disputes between the EU and US related to large civil aircraft. This includes the establishment of a dispute settlement panel, which will be responsible for resolving any disputes that arise under the agreement.
Overall, the EC-US Agreement on Trade in Large Civil Aircraft represents a significant step forward in promoting fair competition in the aerospace industry. While there are still some areas of disagreement between the EU and US, the agreement has the potential to create significant benefits for both parties, as well as for the global economy as a whole.