American business owners looking to expand across the Atlantic may be excited by a new idea that's being floated around the U.S. government and European Union member states. The deal, currently being called the Transatlantic Trade and Investment Partnership could offer American companies the chance to extend their reach into overseas markets by launching the world's largest free trade alliance.
According to CNN, officials from both regions are hoping to begin negotiations by June. If an agreement can be reached, a deal could be in place within just a few years.
Deal could prove beneficial for both partiesÂ
The prospective deal would have the U.S. and E.U. limit trade barriers that currently make it harder and more expensive to do business abroad and could stimulate the economies of both regions, which have struggled in recent years. A free trade agreement could boost the eurozone economy by 0.5 percent and help grow the American economy by about 0.4 percent by 2027, Reuters reported.Â
The optimism on both sides could signal that neither party is eager to repeat failed trade talks started in the early 2000s. The Doha round of world trade discussions was never finalized, which means trade relations have gone unchanged for years and are increasingly outdated. Many think it's time to update these regulations and allow business owners the opportunity to expand overseas - good news for entrepreneurs looking to enhance their operations and revenue streams.
Businesses could need international banking assistanceÂ
Thinking about growing your business operations overseas if such a trade deal goes through? A free trade agreement could certainly make things easier for company owners aspiring to grow, but getting started with operations can sometimes be a trying task, meaning you'll need expert advice and guidance as you enter international markets.
One of the first steps when expanding is to work with a financial institution that understands international banking and is well-equipped to help entrepreneurs with questions about foreign exchange rates and trading issues. While some business professionals may assume only the largest banks can assist with these needs, they may be surprised to learn small and mid-sided operations can provide their companies with the services they need to get their products on worldwide markets and offer them personalized options that fit their firm's unique needs.Â
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