What are the major regions and industries that the agreement would positively affect?Major regions this agreement would positively affectis Europe and the United States.
What are some of the current tariffs or barriers to trade?Specific tariffs.
Ad valorem tariffs.
Licenses.
Import quotas.
Voluntary export restraints.
Local content requirements
How will consumers benefit from this trade agreement?A central tenet of international economics is that lowering trade barriers increases welfare. Trade agreements between countries lower trade barriers on imported goods and, according to theory, they should provide welfare gains to consumers from increases in variety, access to better quality products and lower prices.
