TTIP Trade Deal to Have Effect on EU-Russia Economic Cooperation

According to the Russian Embassy to the US high-ranking diplomat Grigory Zasypkin, Russian trade with the EU may be influenced by the Transatlantic Trade and Investment Partnership (TTIP).

WASHINGTON (Sputnik) — The Transatlantic Trade and Investment Partnership (TTIP), currently negotiated by the EU and US authorities, will impact the economic cooperation between Russia and the EU member states, Deputy Head of the Economic Section of the Russian Embassy to the United States Grigory Zasypkin told Sputnik.

"If the TTIP deal is reached, it will really be a new era in the way to conduct foreign trade. It will indeed affect everybody," Zasypkin said.

The senior diplomat noted that the European Union is one of Russia’s key partners.

"If the bloc starts to adjust its rules, procedures and everything else to have the same conditions as the United States, it will have an effect one way or another. But as of now, they are difficult to assess," Zasypkin stated.

The TTIP deal, which was been negotiated since 2013, involves the creation of a free trade zone between Europe and the United States. Such countries as Canada, Mexico, Switzerland, Liechtenstein, Norway and Iceland will also participate in the TTIP.

Supporters of the agreement emphasize that it would create jobs and increase economic growth. Opponents warn that only big corporations would benefit from the agreement to the detriment of ordinary people.

The agreement aims to deregulate trade between the United States and the European Union, which together comprise 60 percent of global production.