The Trade in Services Agreement (TiSA) is a proposed international trade treaty between 24 Parties, including the European Union and the United States. The agreement aims at liberalizing the worldwide trade of services such as banking, health care and transport. Criticism about the secrecy of the agreement arose after WikiLeaks released in June 2014 a classified draft of the proposal's financial services annex, dated the previous April.
The process was an initiative of the United States. It was proposed to a group of countries meeting in Geneva and called the Really Good Friends.
All negotiating meetings take place in Geneva. The EU and the US are
the main proponents of the agreement, and the authors of most joint
changes. The participating countries started crafting the proposed
agreement in February 2012 and presented initial offers at the end of 2013.
The agreement covers about 70% of the global services economy. Its aim is privatizing the worldwide trade of services such as banking, healthcare and transport. Services comprise 75% of American economic output; in EU states, almost 75% of its employment and gross domestic product.
Once a particular trade barrier has unilaterally been removed, it
cannot be reintroduced. This proposal is known as the 'ratchet clause'.
*From WikiPedia, which for purpose is suitable enough