Foreign Trade Association’s Head of International Trade Policy Pierre-Michael Groening said that there is still chance of success for TTIP but the window of opportunity is rapidly closing with the end of the term of President Obaman.
MOSCOW (Sputnik) — Talks on the EU-US Transatlantic Trade and Investment Partnership (TTIP) are most likely to fail unless concluded before the end of 2016, Foreign Trade Association’s Head of International Trade Policy Pierre-Michael Groening told Sputnik on Wednesday.
"There is still chance of success for TTIP but the window of opportunity is rapidly closing with the end of the term of President Obama approaching and the uncertainty about his succession…. Negotiations have not reached an impasse but are likely to fail in case there is no political deal by the end of this year," Groening said.
On Tuesday, French President Francois Hollande and German Economic Affairs Minister Sigmar Gabriel suggested in separate statements that it would be impossible to conclude the TTIP agreement before the end of the year.
TTIP seeks to establish a free trade zone between the United States and Europe. The US government started discussions on the draft deal with the European Union in 2013. The details of TTIP, including specific rules of market access, have not been released to the public. The TTIP agreement has drawn severe criticism for the lack of transparency in the negotiations as well as for the tremendous power it would potentially give to international corporations.
White House spokesperson Josh Earnest announced on Tuesday that President Barack Obama would send US trade ambassador Michael Froman to Europe in September to continue negotiations on TTIP ahead of the 15th round of talks expected to take place in October.