Industryweek 5625 Trade

Talks on Mega EU, US Trade Accord Progressing 'Step by Step'

Nov. 15, 2013
"This second round has given us an opportunity to probe more deeply into our approaches," said chief United States negotiator Dan Mullaney after a week of talks on the Transatlantic Trade and Investment Partnership (TTIP).

BRUSSELS - A second round of EU-U.S. talks to seal the world's largest free-trade accord concluded Friday with both sides hailing "step by step" progress.

"This second round has given us an opportunity to probe more deeply into our approaches," said chief United States negotiator Dan Mullaney after a week of talks on the Transatlantic Trade and Investment Partnership (TTIP).

The European Union says a deal would bring 119 billion euros (US$160 billion) a year of benefits for its 500 million people, and only slightly less for the United States.

But first the two sides have to recognize or agree on common standards from everything from food and auto safety to investment, with this week's talks focusing on energy, raw materials, services and investment.

"We are advancing step by step. We worked intensively on a number of sectors to strengthen the compatibility of our regulations," said EU negotiator Ignacio Garcia Bercero.

He said it was vital for the two sides to agree on rules and standards for cosmetics or medical devices "without compromising the standards" enforced on both sides of the Atlantic, he said.

The negotiators on Friday briefed some 400 EU and U.S. businesses, consumer groups and trade unions on the talks.

A third round is scheduled for Dec. 16-20 in Washington as both sides work toward a final accord likely to take several years that would cover some 40% of global economic output and 50% of trade.

This second round was to have been held in October, but due to the U.S. government shutdown had to be postponed just as a spy scandal between the U.S. and its allies deepened.

An EU official close to the trade talks last week conceded "there may be issues of trust," but stressed that Europe would not compromise its personal data protection standards even as it must discuss the wider issue of information transfer.

Copyright Agence France-Presse, 2013

Popular Sponsored Recommendations

Q&A - Onsite Wind Generation

Jan. 22, 2024
Dive into EWT's Q&A to understand their wind energy solutions, covering partnerships, maintenance, wildlife impact, timelines, solar comparison, and ROI. Essential for sustainable...

Getting the Most From Integrated Business Planning: A Collection

Feb. 22, 2024
Through this series of articles, you’ll get a definitive look at the power of IBP and how to leverage that power.

Top 3 Ways AI is Transforming Manufacturing Operations

Feb. 17, 2024
Unlock the power of Industry 4.0 with AI and IoT. Explore how real-time data and automation are reshaping manufacturing, driving efficiency and quality to new heights. Dive into...

Service Lifecycle Management – Challenges and Opportunities

Feb. 18, 2024
Gain insights into the next wave of aftermarket optimization with Harvard Business Review’s whitepaper, in association with Tavant. Get an in-depth look at AI-powered Service ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!