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The Transatlantic Trade & Investment Partnership and the fashion industry

HM Government The Transatlantic Trade & Investment Partnership and the fashion industry The Transatlantic Trade & Investment Partnership (TTIP) would increase trade between the world's two biggest economies, the EU and the US. TTIP could have a major impact on the fashion industry. Although the US and the EU already enjoy relatively small tariffs, the fashion industry is taxed at a comparatively high rate. 3% 12% Average tariff in the EU and US. Average tariff on apparel in the EU and US. Cotton sweaters are taxed at about 16%. Women's suits are taxed at about 13%. A comprehensive TTIP, which the UK is aiming for, could eliminate these tariffs on exported and imported goods. This would support the already strong UK fashion industry. £21 bn direct contribution by fashion sector to the economy in 2010, as estimated by the British Fashion Council. The British Fashion Council estimates that buyers order £100 million worth of apparel during each London Fashion Week. Oxford Economics and the BFC estimate that sales of British designer clothes are rising by 20 percent each year and are currently worth somewhere between £2.5 and £2.9 billion. The USA could see great wins too. $122bn The European Commission's impact assessment shows that the economic gains could be up to $122 billion/year TOTAL for the US. To learn more about the Transatlantic Trade & Investment Partnership visit bit.ly/USAttip

The Transatlantic Trade & Investment Partnership and the fashion industry

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This infographic explains how the Transatlantic Trade & Investment Partnership could positively impact the fashion industry.

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Kevin McAleer

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Business
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