Daily Management Review

Germany: TTIP negotiations failed


08/29/2016


Negotiations on The Transatlantic Trade and Investment Partnership (TTIP) between the US and the European Union have failed. This was told by the Minister of Economy of Germany, Sigmar Gabriel.



Global Justice Now
Global Justice Now
According to him, 14 rounds of meetings resulted in vain. Neither of 27 points of the contract was settled. It should be noted that negotiations have been running for quite a long time, namely, about three years.

The agreement provides abolition of tariffs for some goods, extension of the services market, opening of public procurement and strengthening of regulatory cooperation.

"In my view, negotiations with the United States de facto failed, although no one admits this," - said Gabriel.

The first round of negotiations on the TTIP agreement was held on July 9, 2013 in the United States, in Washington. The talks were planned to be completed in 2016.
The agreement provides abolition of tariffs for a number of regulatory products and cooperation. The TTIP is expected to create more than 13 million new jobs in the United States and Europe, push up EU exports to the US by 6.6% and imports from the US to Europe by 12.4% annually.

Along with the TTIP, the US are implementing the Trans-Pacific Partnership Project. In early October of 2015, the United States and 11 countries located on the Pacific coast announced creation of the world's largest trade union - Trans-Pacific Partnership (TPP).

The free trade agreement between 12 countries that lie on both Pacific shores, including the US, Australia, Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, Chile and Japan, is aimed to cover almost 40% of world trade.

The idea to create a Trans-Pacific Partnership trade was firstly aired in 2003 by Singapore, Chile and New Zealand.

Meanwhile, opponents of the TTIP agreement have appointed a new wave of demonstrations in September. They criticized insular nature of the negotiations and fear that it would negatively affect rights of workers, consumers, and bring private business out of jurisdiction of the state courts. 

source: reuters.com






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