This article very related and relevant to chapter three's concepts. There was a good handful of terms from the chapter that were touched on in the article. The US and the EU where negotiating on agreements with each other as they partake in international business. International business refers to all business activities that involve exchanges across national boundaries.(p.69 in textbook) .
Free trade(p.67) and the World Trade Organization(WTO), a powerful successor to the General Agreement on Tariffs and Trade(GATT) that incorporates trade in goods, services, and ideas (p.81 of course textbook) were discussed in this article. The article said that while the EU also pursues FTAs with WTO-plus provisions, they often include large exceptions for its agricultural, audiovisual and other protected sectors. .
Previous FTAs have run into difficulties when negotiating issues concerning the auto industry, and the agricultural sector has historically caused the most controversy during free trade negotiations. The goal of the agreement is to get as close as possible to the removal of all import and export duties on the transatlantic trade of industrial and agricultural goods and services. TTIP could also help US and EU companies compete with China and other large emerging economies because a reduction in trading costs at and behind our borders will give US and EU businesses certain commercial preferences over China's trading interests. .
Tariff, a tax levied on a particular foreign product entering a country. (p.72 in textbook) and Non tariff barrier, a non tax measure imposed by a government to favor domestic over foreign suppliers(p.73 in textbook) were also terms from the chapter brought up in this article. The article said it would be difficult to remove both tariff and non-tariff barriers within the financial services sector. TTIP is aiming to eliminate or reduce all tariffs and tariff quotas on goods and services traded between the EU and the US.