Us And Europe Plan To Complete Negotiations On TTIP Negotiations On 2016

After the completion of the Pan Pacific Partnership Agreement (TPP) in the United States, the United States and the European Union are speeding up the progress of negotiations on the the Atlantic free trade agreement (TTIP).

The United States and Europe recently concluded the eleventh round of TTIP negotiations in Miami.

The two sides exchanged tariff concessions for the second time, pushing forward progress in the field of regulatory cooperation, and planning to open consultations in the sensitive field of financial services in the coming weeks.

The US side has also changed its previous negative attitude, and has submitted a new negotiation plan in almost all fields, including government procurement and agricultural market access.

The two party chief negotiators have confirmed that the goal of the accelerated negotiations is to complete the agreement during President Obama's term.

The white house trade representative, Mar Storm, and European Commission trade commissioner, Mar Storm, have reached a consensus on this time.

The United States and Europe's two largest economies account for 60% of global GDP, 33% of goods trade, and 42% of trade in services.

TTIP will become a new trade arrangement covering the Atlantic and the Pacific with TPP.

Negotiations on regulatory cooperation have covered 9 industries, including

Telecommunications, automobiles, pharmaceuticals, medical devices, cosmetics, chemicals and mechanical engineering.

The US and European sides also confirmed that EU is conducting internal consultations on the new investment dispute settlement mechanism. Because the original investor's prosecution of the national mechanism (ISDS) has been greatly resisted within the EU, the European side has proposed to replace it with the new international investment court system.

In the tariff waiver bid, the two sides are committed to cutting the tariff rate of 97% to zero, and plan to implement zero tariff when the agreement comes into effect. There is no pition period.

Ignacio Garcia Bercero, the EU's chief negotiator, said: "as far as tax coverage is concerned, the two sides' bid is already on a comparable (similar) level". (Bessero)

During the current round, the United States also put forward new proposals in terms of customs, trade facilitation, rules of origin, government procurement, agricultural market access, trade technical barriers, small and medium enterprises, and the framework of the successful implementation of the safeguards agreement in the future.

"At this point, the US side is almost there.

All negotiation areas covered by the agreement have proposed a negotiation plan. "

Mullany, the chief negotiator of the United States, said.

Bessero made clear the two key principles of cooperation between the US and Europe in the regulatory field.

First, it can only be based on the existing or higher regulatory level; two, it can not change the existing regulation in the field of public policy such as food safety or data privacy.

The two sides expect to open consultations in the field of financial services in the coming weeks; this will include

And preferential treatment.

The European side hopes to reach a consensus on financial regulation cooperation first.

The two chief negotiators denied that the emissions scandal of German Volkswagen Volkswagen had any impact on the TTIP negotiations.

The European side said that because the two sides are very different in vehicle emission standards, we have no plan to carry out standard integration.