Transatlantic Trade and Investment Partnership within the context of the EU-USA political and economic relations

EU and the USA are still ranked as the first two economies at global scale. The so-called "transatlantic relations", which corresponds to the cooperation between them and roots of which date back to the years of the Second World War have gained a new momentum from nineties onwards. The background, in which the idea of Transatlantic Trade and Investment Partnership (TTIP) was developed, is also traced back to these years. Talks on TTIP, which represent the most advanced stage of transatlantic relations, have officially started as of 2013. In case of its realisation, this project will form the largest free trade zone ever across the globe and as such it reflects a decisive measure taken by the Western alliance in the face of changing patterns and balances of trade and investment at global level. For although EU and the USA still count as the leading actors of the world economy, global trade's centre of gravity constantly shifts towards Southeast Asia, a trend highlighted by the leading role of China. The attempt of TTIP also reflects a critical turning point in the transformation of world trade system from multilateral negotiations, which had gained momentum following the Second World War to regionally-based trade blocks. The main purposes of this study are to assess the process in terms of the main actors involved, so as to detect the underlying dynamics of the TTIP and to discuss the possible effects of this process upon the partners as well as on third countries. Keywords: World Trade System, Globalization, Regionalization, GATT, WTO, Transatlantic Trade and Investment Partnership.