If you are not yet familiar with the acronym TTIP it is likely you soon will be. The Transatlantic Trade and Investment Partnership is a proposed trade agreement and the subject of an ongoing series of negotiations between the EU and US aimed at creating the world’s biggest free trade zone spanning the north Atlantic.

It would dwarf all past free trade deals: the European commission reckons it could boost the size of the EU economy by €120bn (£85bn) – equal to 0.5% of GDP – and the US economy by €95bn – 0.4% of GDP.

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Under the draft provisions of the latest trade deal to be leaked by Wikileaks, countries could be barred from trying to control where their citizens’ personal data is held or whether it’s accessible from outside the country.

Wikileaks has released 17 documents relating to the Trade in Services Agreement (TISA), currently under negotiation between the US, the European Union and 23 other nations. These negotiating texts are supposed to remain secret for five years after TISA is finalized and brought into force.

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The latest round of TTIP negotiations kicked off on Monday in New York. The Transatlantic Trade and Investment Partnership (TTIP) foresees the creation of the world’s largest free trade zone by pulling the 28-nation EU and the US more closely together.

Apart from eliminating regulatory barriers, the deal would also cover a wide array of areas such as food safety standards, data protection and other non-tariff barriers.

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According to a leaked European Commission proposal in the ongoing EU-US Transatlantic Trade and Investment Partnership (TTIP) negotiations, EU member state legislative initiatives will have to be vetted for potential impacts on private business interests.

The proposal forms part of a wider plan for so-called “regulatory cooperation”. Civil society groups have already denounced earlier iterations of this plan as being a tool to stop or roll back regulation intended to protect the public interest. The new elements in the leaked proposal expand the problem, according to civil society organisations.

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