Paper Title
Formation of TTIP Potential Commercial Effects on the Brics

First, in general, liberalizing the trade between the US and EU would positively impact global trade and economy with approximately $31.2 Billion welfare gain. Second, a significant increase of the US-EU bilateral trade under the TTIP is mainly benefited by the reduction of NTBs. This further translates to significant economic gains as a whole for the US and the EU. Third, most of BRICS exports to the US and the EU would decline; however, the aggregate exports and GDP of BRICS suffer just limited impacts. The exceptional case occurs in Brazil, which aggregates exports and GDP benefits from the TTIP. Fourth, the TTIP will increase the bilateral trade within BRICS economies because of substitution an indirect spillover effects. Finally, when changing the magnitude of direct and indirect spillover effects to a specific level, the TTIP could positively impact BRICS countries in general. This depends on the reduction on NTBs that will benefit the US-EU area and BRICS itself within BRICS. Keywords- TTIP, BRICS, Welfare, GDP, Bilateral Trade.