Negotiations between European Union and USA on free trade will most likely be left behind because of the victory of Donald Trump of the presidential elections, according to the European Commissioner for Trade Cecilia Malmstrom. Trump spoke critically against the initiatives for the free market, such as the Transatlantic Trade and Investment Partnership (TTIP), during his successful election campaign.
“We don’t know what could happen because of the new US president”, said Cecilia Malmstrom. “We have reason to believe that there will be a delay of TTIP, as it might not be the biggest priority for the new administration”, added she.
European Union and USA spent three years working on the agreement for an extension of the biggest economic cooperation through the elimination of tariffs on goods, market expansion services and strengthen regulatory cooperation. Obama and some European leaders, such as German Chancellor Angela Merkel, said that TTIP is a priority issue for USA and the EU.
The both sides held 15 meetings since 2013. The last one was held in October in New York.
“Whether it makes sense to hold new meetings such – rather not”, said Cecilia Malmstrom.
The Transatlantic Trade and Investment Partnership (TTIP) is a proposed trade agreement between the European Union and the United States, with the aim of promoting trade and multilateral economic growth. The American government considers the TTIP a companion agreement to the Trans-Pacific Partnership (TPP).
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