Farmers warned Transatlantic trade deal will bring 'additional competition'

Farmers are being warned about the possible implications of the Transatlantic Trade and Investment Partnership (TTIP).

The TTIP is currently being negotiated by members of the European Union (EU) and the US Government and will reflect one of the most significant changes in trade regulations in more than a decade.

Under TTIP companies on both sides of the Atlantic will see a cut to tariffs and regulatory barriers, making it easier for businesses to gain access to each others markets.

The British government has claimed that TTIP may add up to £10bn to the UK economy; however, there have been some concerns raised among members of the British farming community about the potential damage the Partnership could have.

Under EU rules, farmers in the UK must meet strict standards on animal welfare, food and the environment. In comparison, the US has much more lenient rules on animal welfare, environmental protections and use of GM technology, growth hormones and antibiotics, meaning many American farmers are able to produce food at a lower cost than the majority of EU farmers.

Paul Laird, Director at The Fish Partnership and an expert in the finances of farming communities, said: “This deal is likely to bring a lot of investment and capital to the UK, but for members of the farming community it could mean additional competition and a fall in prices as UK supermarkets and shops choose cheaper products from the US.

“The original deadline for the completion of the deal was the end of 2015, but with the US elections this year this deadline may stretch on in to 2016.

“However, farmers in the UK should not be complacent and must carefully consider how they can make their own operations more cost-effective so they can compete when TTIP is finally introduced.”