U.S., EU to Launch FTA Talks in Early July
The United States and the European Union formally announced June 17 the launch of negotiations on the Transatlantic Trade and Investment Partnership, which is envisioned as an “ambitious, comprehensive, and high-standard” agreement between economies that account for 40% of global economic production and nearly a third of world trade. The first round of TTIP negotiations will take place the week of July 8 in Washington, D.C. While some officials say they hope to conclude talks within 18-24 months, an EU fact sheet notes that similarly comprehensive FTAs with South Korea and Singapore took four years to complete.
According to a joint statement, TTIP aims to:
- further open EU markets, increasing the $458 billion in goods and private services the U.S. exported to the EU in 2012;
- strengthen rules-based investment ,which totaled nearly $3.7 trillion in 2011;
- eliminate all tariffs on trade;
- tackle non-tariff barriers that impede the flow of goods, including agricultural products;
- obtain improved market access on trade in services;
- significantly reduce the cost of differences in regulations and standards by promoting greater compatibility, transparency and cooperation while maintaining high levels of health, safety and environmental protection;
- develop rules, principles and new modes of cooperation on issues of global concern, including intellectual property, state-owned enterprises and localization barriers to trade; and
- promote the global competitiveness of small and medium-sized enterprises.
Those attending this week’s annual conference of the American Association of Exporters and Importers in Washington, D.C., can stop by booth #101 on the expo floor to talk to professionals from Sandler, Travis & Rosenberg and Sandler & Travis Trade Advisory Services about TTIP and how it may affect their business. You can also contact Nicole Bivens Collinson at (202) 730-4956 or Ned Steiner at (202) 730-4970 for more information.