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The article analyzes the benefits and costs of establishing the Transatlantic Partnership in the field of trade and investment for the United States, the European Union and third countries, in the context of theory of economic integration and WTO regulations. The following factors that increase the strength of the beneficial trade creation effect were analyzed: the place of the United States and the European Union in world trade, the importance of intra-regional trade in total trade, the share of sectors in the integration process, the level of customs duties before integration. The negative impact of TTIP for third countries was also examined. A The TIPP and WTO agreements were compared, particularly the attempts to regulate investor-state disputes in TTIP.