US-EU Trade Agreement Gains Exaggerated, Say 41 Consumer Groups, Economist

Glyn Moody (946055) writes "The main claims about likely economic gains from concluding the US-EU trade agreement TAFTA/TTIP, billed as a 'once-in-a-generation prize,' are increasingly under attack. BEUC, representing 41 consumer organizations from 31 European countries, has written a letter to the EU Trade Commissioner responsible for the negotiations, Karel De Gucht, complaining about his 'exaggeration of the effects of the TTIP,' and 'use of unsubstantiated figures regarding the job creation potential.' In a blog post entitled 'Why Is It So Acceptable to Lie to Promote Trade Deals?,' Dean Baker, co-director of the Center for Economic and Policy Research in Washington, has even harsher words: 'Implying that a deal that raises GDP by 0.4 or 0.5 percent 13 years out means "job-creating opportunities for workers on both continents" is just dishonest. The increment to annual growth is on the order of 0.03 percentage points. Good luck finding that in the data.' If the best-case outcome is just 0.03% extra growth per year, is TAFTA/TTIP worth the massive upheavals it will require to both US and EU regulatory systems to achieve that?"