US President Barack Obama and German Chancellor Angela Merkel have called the partnering countries in Europe to fasten negotiations on world’s largest free trade bloc -the Transatlantic Trade and Investment Partnership (TTIP).
The proposal for speedy discussion came at the end of the US President’s visit to Germany which is the high power economy of the EU.
Obama’s call and Merkel’s positive response will give a new life into the TTIP, which has been affected by political opposition both in the US and Europe.
Pressure groups in the EU accuse that the trade deal will steal away EU jobs to America. Amidst doubts and uncertainties, the trade discussions slowed but the US was able to sign another one – the Trans-Pacific Partnership (TPP)with eleven other countries. The TTIP with TPP were the major trade agenda of the Obama administration to revive growth in the region involving the US.
Already, the European parliament allowed the European commission to continue negotiations with the United States on TTIP.
TTIP is expected to bring greater regulatory harmonization between US and EU. At present, in most sectors including automobile and pharmaceuticals, both parties have different regulations and standards that reduces trade prospects.