With national elections due in France and Germany in 2017, experts have been saying that 2016 – before the end of US President Barack Obama’s mandate in January – may be the best opportunity to strike a deal. He was backed by French President Francios Hollande who described the discussions as “bogged down” and vowed to reject the deal in its current form.
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The EU Commission and United States negotiators began work on the Transatlantic Trade and Investment Partnership (TTIP) in 2013, aiming to create the world’s largest free-trade area before Obama ends his term. But now Brexit has removed the United Kingdom from the negotiating table, the European Union seems to be considering quashing the deal once and for all.
“The European Commission – the EU”;s executive body – said on Monday that negotiations, which began in 2013, were entering a crucial phase.
Stop TTIP campaigns have been particularly vocal in Germany and Austria, which supporters of TTIP say are among the countries most likely to benefit from increased us trade. “We are continuing to work toward a goal of completing those negotiations before the end of the year”. He did not indicate when or under what conditions the the talks could restart. He said he would also demand an end to CETA, the EU-Canada Comprehensive Economic and Trade Agreement.
Austria is ready to confront other European Union members states over its opposition to a free trade deal with Canada, Chancellor Christian Kern said, because it sees it containing numerous same problems as one being negotiated with the United States. The deal is now being hammered out by European Union and USA officials.
August 30, 2016 (EIRNS)-French Trade Minister Matthias Fekl tweeted that his government has demanded that negotiations on the Transatlantic Trade and Investment Partnership (TTIP) cease.
Now the negotiations have dragged on for so long, and so many doubts about it have been raised in Europe, that neither the German government nor the French will want to make any serious compromises before next year’s elections.
Cooperation between the U.S. and the EU rests on sharing economic sectors, he said, observing that Europeans are “particularly interested in doing business with big banks and the financial sector” and that Americans are more focused on agriculture.
The TTIP aims to create a free trade zone covering 850 million people with supporters claiming that it will boost the EU’s economy by US$130 billion and the USA economy by US$100 billion. US Republican presidential candidate Donald Trump opposes the deal, and his rival Hillary Clinton is careful not to be seen backing any agreement that could hurt US jobs.
Froman has said Britain’s European Union exit will affect TTIP because Britain consumes about a quarter of US exports to the bloc.
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Austria opposes a proposed free trade deal with the United States, and Kern said the deal with Canada, called the Comprehensive Economic and Trade Agreement (CETA), had numerous same problems.
