Despite a study by the Ifo Economic Research Institute in Munich (at the request of the Federal Ministry of Economy), according to which the TTIP could create up to 400,000 jobs in the EU, Stefan Koerzell, a member of the Federal Steering Committee of the German Confederation of Trade Unions (DGB), said “if the TTIP can create jobs, how much it is and where it is not clear. Previous studies, ranging from studies conducted by the European Commission to the expertise of the Ifo Institute, oscillate between optimism and very low expectations… Consideration of the negative consequences of trade agreements when environmental or labour standards are ignored is often overlooked. In August 2015, the United States ratified two of the ILO`s eight basic labour standards (bans on child labour and slavery).  At France`s request, trade in audiovisual services was 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.  – liberalisation of cross-border trade in services; 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.”  Democratic presidential candidate Joe Biden has expressed a desire to work with allies to repair the subsequent gaps in the Trump administration`s protectionist trade policy.
A block with which Washington closed $851.9 billion in merchandise trade in 2019 would likely be a central pillar of those efforts under Biden`s presidency. Trade and investment in the European Union is estimated at 6.7 million jobs in the United States. The agreement has been criticised and rejected by some trade unions, charities, NGOs and environmentalists, particularly in Europe.  The Independent describes the frequent criticism of TTIP as “reducing regulatory barriers to large companies, food security, environmental legislation, banking regulation and the sovereignty of individual nations” or more critical as an “attack on European and American companies by transnational groups”.  The Guardian criticized the “undemocratic nature of closed-door talks,” “the influence of powerful lobbyists,” TTIP`s potential ability to “undermine the democratic authority of local authorities” and called it “the most controversial trade agreement the EU has ever negotiated.”  German economist Max Otte argued that TTIP would have a negative impact on European social models if it put European workers in direct competition with the Americans (because of the North American free trade agreement with Mexicans and Canadians.  An EU mechanism for direct democracy, the European Citizens` Initiative, which allows European citizens to directly ask the European Commission to propose a legislative act has garnered more than 3.2 million signatures against TTIP and CETA in the space of a year.  In 2019, on the instruction of President Trump, the United States completed the formal procedures necessary to begin negotiations for a trade agreement, as did the European Commission.