EU, US Hold New Round of Talks on Proposed Free Trade Agreement

International Business | April 20, 2015, Monday // 09:55|  views

TTIP protesters in Germany Photo: EPA/BGNES

The tenth consecutive round of negotiations between the EU and the US regarding the Transatlantic Trade and Investment Partnership (TTIP) is set to start Monday in New York.

Talks continue as the proposal for an economic agreement was made more than two years ago. The idea behind it was for the biggest trade zone in the world to be created.

According to the proponents of the project, the agreement will prove immensely beneficial, as it will facilitate buying and selling of goods and services.

Critics ,on the other hand, argue that certain US trade practices should definitely not be imported in Europe, especially those in the sectors of food, health and environmental protection.

Additionally, a number of protests were organized all across Europe prior to the start of the new round of negotiations. Opposition to the project is especially fierce in Germany with over 23,000 people protesting in Munich and close to a total of 3,000 in Lepzig, Stuttgart and Frankfurt.

Brussels, Madrid, Helsinki, Warsaw and Prague also joined the marches as people were alarmed by a specific clause in the agreement. If approved, it would prescribe that corporations will be able to sue governments in tribunals at higher than national level.

Meanwhile, the EU Commissioner for Trade Cecilia Malmstr?m will present a report in Brussels regarding the benefits of the proposed free trade agreement.

Experts in Sofia have also shared their concerns that a possible approval of the project will further enhance the access of US-produced GMO food products on the local market, as corporations will be able to easily go about state legislations.



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Tags: EU, US, negotiations, Free trade, agreement, Transatlantic Trade and Investment Partnership (TTIP), New York, Brussels, protests, Cecilia Malmstrom, commissioner


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