US and European Union officials began discussions on the formation of the Trans-Atlantic Trade and Investment Partnership (TTIP) in July, 2013. Academics and politicians were quick to describe the process as the formation of “a new economic NATO” for a new world. The talks on the formation of the TTIP come at a time of growing political and economic challenges, on both the global and regional level, to Western dominance of the globe. The parties to the meetings aim to detail the main objectives which include: the harmonization of societal and environmental standards used to regulate trade between the US and Europe; the creation of an Investor-State Dispute Settlement (ISDS) system across the two markets; and the implementation of regulations which go beyond trade liberalization, to cover other issues.