BRUSSELS (AP)—European Union ministers expressed pessimism Friday that the bloc can conclude a massive trade pact with the U.S. anytime soon and debated whether to change tack on the talks.
“There is some new start or some new approach needed,” Slovak Economy Minister Peter Ziga, whose country holds the EU’s rotating presidency, told reporters ahead of informal trade talks in Bratislava on Friday.
After three years of negotiations, big differences remain over the Trans-Atlantic Trade and Investment Partnership, with work needed in all of the 30 chapters the pact will entail.
TTIP, as the potential deal is called, is aimed at removing barriers to trade between the EU and the U.S. to boost economic growth and employment. The European Commission estimates that the pact could boost EU economic output by 119 billion euros ($133 billion) a year and that of the U.S. economy by 95 billion euros ($106 billion).
Thousands of people have demonstrated against the pact in Germany and Belgium over the last week. They fear the agreement is a threat to the environment and public health, and would give more power to big multinational companies.
Still, the Europeans were keen to seal a deal on TTIP before President Barack Obama leaves office in January. Looming elections in France and Germany are also influencing the negotiations.
Source: www.capitalpress.com