"The Transatlantic Trade and Investment Partnership (TTIP) is a trade agreement that is presently being negotiated between the European Union and the United States."It aims at removing trade barriers in a wide range of economic sectors to make it easier to buy and sell goods and services between the EU and the US."On top of cutting tariffs across all sectors, the EU and the US want to tackle barriers behind the customs border – such as differences in technical regulations, standards and approval procedures. These often cost unnecessary time and money for companies who want to sell their products on both markets. For example, when a car is approved as safe in the EU, it has to undergo a new approval procedure in the US even though the safety standards are similar."The TTIP negotiations will also look at opening both markets for services, investment, and public procurement. They could also shape global rules on trade."