Secretive TTIP Agreement Could Destabilize Global Economy - Moscow

The negotiations on a proposed trade agreement between the European Union and the United States resemble "backstage" dealings that could destabilize global economy by neglecting the interests of developing countries, the Russian Foreign Ministry said Thursday.

MOSCOW (Sputnik) — The content of the controversial agreement as well as the reports on TTIP negotiations are considered "classified."

"We believe that any secretive dealings, which undermine the foundations of the World Trade Organization as a commonly recognized regulatory trade mechanism, are unacceptable," the ministry said in a statement commenting on a fresh round of talks over the Transatlantic Trade and Investment Partnership (TTIP) agreement.

"Any 'backstage' agreements that ignore the interests of the majority, including the developing countries, could destabilize and fracture the global economy, threatening its development," the ministry stressed.

The TTIP deal drew criticism from the public for the lack of transparency in its negotiations and the power it would give to international corporations. It has also been slammed for bypassing the framework of the World Trade and excluding China and BRICS countries.