EU seeks fresh start for TTIP negotiation

0 Comment(s)Print E-mail Xinhua, November 22, 2014
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The European Union(EU)Commissioner for Trade Cecilia Malmstrom said on Friday they seek a fresh start for negotiation on the Transatlantic Trade and Investment Partnership (TTIP).

After the trade ministers from 28 member states discussion, Malmstrom highlighted the transparency should be improved during the TTIP talks, saying such topic took much time during the council's meeting.

In a statement issued during the meeting, the council underlines the importance of maintaining the positive efforts undertaken so far and the need to approach the U.S. side to discuss meaningful possibilities to improve transparency, including the access to all negotiating documents in order to let Member States develop constructive discussions with civil society.

TTIP has drawn criticism from the public of the EU over the regulation and foreign investment treaty, which causing concern over undermining the goods standards and citizens interests.

The chairman from Italy, rotating presidency country of the EU,admitted the progress of negotiation not fast after one and half year talks, noting that the window opportunity for concluding the free trade agreement remained open until beginning of 2016. He added that public consultation is ongoing to address further public concerns.

However,the Council reconfirmed its strong expectation of concluding a deep, ambitious, balanced and mutually beneficial agreement on all three pillars of the negotiations as soon as feasible, according to the Council mandate.

To achieve this aim, it is essential to have clear and strong political supports for the negotiations by both parties which will boost TTIP talks and facilitate the conclusion of the agreement according to a positive timeline."

Tariffs between the EU and the U.S. are already low (4 percent on average), but the combined size of the EU and the U.S. economies and the trade between them means that dismantling tariffs could be a massive boost for growth and jobs.

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