Italy’s Renzi Slams EU for Foot-Dragging on TTIP Deal

Italian Prime Minister Matteo Renzi said the EU should hurry up with a free trade deal with the United States.

MOSCOW (Sputnik) — Italy’s Prime Minister Matteo Renzi on Friday said the European Union should stop hesitating to conclude a free trade deal with the United States.

The ninth round of US-EU negotiations on Transatlantic Trade and Investment Partnership (TTIP) to create world’s largest free trade zone concluded in New York in April. Washington has been advocating the initiative for decades, set to reduce tariffs and remove trade barriers. The deal has triggered controversy as it could give too much power to transnational corporations. The EU market will also become open to the US genetically modified foods, which is a matter of concern to many EU consumers.

“Failing to close the deal by the end of the year — and this will be the last chance because of the US elections next year — would be a gigantic own-goal for our continent,” Renzi was quoted as saying by Financial Times.

As the confidential talks on the free trade deal continue, US President Barack Obama urged in mid-April for major progress on the deal in 2015.

The discussions are expected to conclude by the end of the year. The latest round of talks triggered widespread protests, with an estimated 15,000 people taking to the streets in Austria's capital Vienna and another 20,000 demonstrating against the potential deal in Madrid.