The 27 governments of the European Union must unanimously approve the partnership in the Council of the European Union, in accordance with Articles 207 and 218 of the Treaty on the Functioning of the European Union, and the European Parliament is also invited to give its compliant opinion. The European Parliament has the power to approve or reject the agreement. In the event that the Council of the European Union, on the proposal of the European Commission, calls the TTIP a “mixed agreement”, the agreement of all parliaments of the EU Member States is required, in accordance with the various constitutional procedures, before the agreement enters into force. In the United States, both houses of Congress will have to pass the agreement before it can be ratified.  For two economies of this size with such a high volume of trade, the EU and the United States inevitably face a number of trade disputes that are resolved through the WTO dispute settlement mechanism. The European Commission reports annually on the implementation of its main trade agreements in the previous calendar year. Fact sheets, Vietnamese trade in your city, texts of agreements, stories of exporters U.S. investments in the European Union are three times higher than U.S. investments in the entire Asian continent and European investment in the United States is eight times higher than the European Union`s investments in India and China combined. It is estimated that intra-company transfers account for one third of total transatlantic trade. The United States and the European Union are the main trading partners of most other countries in the world and account for one-third of global trade flows.
Given the already low customs barriers (less than 3%) the aim is to remove non-tariff barriers in order for the agreement to be successful.  The European Commission claims that the TTIP would boost the EU economy by 120 billion euros, the US economy by 90 billion euros and the rest of the world by 100 billion euros.  According to Anu Bradford, a law professor at Columbia Law School, and Thomas J. Bollyky of the Council on Foreign Relations, TTIP aims to “liberalize one-third of world trade” and create millions of new jobs.  An article in Dean Baker`s Guardian of the AMERICAN think tank Center for Economic and Policy Research argued that the economic benefits per household would be relatively small.  According to a report by the European Parliament, the impact on working conditions ranges from job gains to job losses, depending on the economic model and assumptions used in the forecasts.  In March 2014, a draft text of 7 July 2013 was leaked by the German newspaper Die Zeit for “Trade in Services, Investment and E-Commerce”. The leaked text contains seven chapters. In Chapter 1, Article 1 mentions the overall objective of a “better climate for the development of trade and investment,” in particular “liberalisation of investment and cooperation in the field of e-commerce.”  At France`s request, trade in audiovisual services has been excluded from the EU`s negotiating mandate.  The European side insisted that the agreement include a chapter on the regulation of financial services; but this is rejected by the United States, which recently passed the Dodd-Frank Act in this area.  The U.S. Ambassador to the European Union, Anthony L.
Gardner, denied any connection between these two issues.  In addition, a European Citizens` Initiative against TTIP and CETA was created, which collected more than 3.2 million signatures in the space of one year.  German Vice-Chancellor and Economy Minister Sigmar Gabriel said that free trade negotiations between the European Union and the United States had failed due to the lack of progress in one of the major parts of the long negotiations. “In my opinion, the negotiations with the United States have failed de facto, although no one really admits it,” the minister quoted, according to a written copy of an interview broadcast on August 28, 2016.