08:16 GMT20 February 2020
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    TTIP treaty may be delayed for months or even years if the deal is not finalized under the Obama's administration.

    NEW YORK (Sputnik) – The Transatlantic Trade and Investment Partnership (TTIP) treaty may be delayed for months or even years if the deal is not finalized under the administration of US President Barack Obama, Undersecretary of Commerce for International Trade Stefan Selig said during a press conference on Monday.

    "I think it’s clear to both us and our European colleagues that if we miss the opportunity to conclude [TTIP] negotiations this year it might be months and perhaps even years before we are in the position to constructively re-engage on substantive negotiations, given not only the political calendar here but also in the Atlantic," Selig said.

    TTIP is a free trade agreement between the United States and its economic allies in Europe. The deal 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.

    Moreover, the TTIP has also been slammed for bypassing the framework of the World Trade Organization and excluding the BRICS (Brazil, Russia, India, China and South Africa) countries.


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