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The Transatlantic Trade and Investment Partnership (TTIP) is a proposed trade agreement between the European Union and the United States, with the aim of promoting trade and multilateral economic growth. TTIP is considered by the US a companion agreement to the Trans-Pacific Partnership (TPP). The negotiations were halted indefinitely in late 2016, but by mid-2017, representatives of both the US and the EU expressed willingness to resume the negotiations. According to Karel de Gucht, European Commissioner for Trade between 2010 and 2014, the TTIP is the largest bilateral trade initiative ever negotiated, not only because it involves the two largest economies in the world but also "because of its potential global reach in setting an example for future partners and agreements". Its main three broad areas are market access, specific regulation, and broader rules and principles and modes of co-operation. The negotiations were planned to be finalized by the end of 2014, but would have not been finished more than five years later, until 2019 or 2020 following a normal negotiation schedule, according to the economist Hosuk Lee-Makiyama in 2015.