US, EU Free Trade (TTIP) Talks Have Failed

US, EU Free Trade (TTIP) Talks Have Failed

US, EU Free Trade  (TTIP) Talks Have Failed

Germany’s Economic Minister says free trade talks between the European Union and the United States have failed.

Negotiations on the so-called Trans-Atlantic Trade and Investment Partnership, or TTIP, have made little progress in recent years.

Sigmar Gabriel, who is also Germany’s Vice Chancellor, said Sunday that “in my opinion the negotiations with the United States have de facto failed, even though nobody is really admitting it.”

He noted that in 14 rounds of talks the 2 sides have not agreed on a single common Chapter out of 27 Chapters being discussed.

Mr. Gabriel compared the TTIP negotiations unfavorably with a free trade deal forged between the EU and Canada, which he said was fairer for all sides.

Mr. Gabriel’s comments contrast with those of Chancellor Angela Merkel, who said last month that TTIP was “absolutely in Europe’s interest.”

Popular opposition to a free trade agreement with the United States is strong in Germany. Campaigners have called for nationwide protests against the talks on 17 September about year before Germany’s next general election.

Opposition is running high in the US as well in this very active Presidential election season.

The damning verdict from a leading official in Europe’s largest economy will make further talks between the EU executive and the Obama Administration very much harder. And we know that a Donald Trump Presidency will scuttle it.

Have a terrific weekend.

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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