TTIP Talks On Hold
Brussels and Washington, DC, are officially committed to signing the Transatlantic Trade and Investment Partnership (TTIP) before January 2017. However, the current European Union events, such as the UK leaving the EU, might delay this commitment.
French Trade Minister, Mr. Mathias Fekl, and Germany’s Vice Chancellor, Mr. Sigmar Gabriel, seem to believe negotiations will not develop further and such a result reflects the EU’s population mistrust in an agreement that could signify lower environmental and nutritional standards.
If the agreement between the two largest economies in the world fails, it would be a lost opportunity for them to boost their economies in a political and economic sensible time, which lacks the necessary economic growth for a healthy system. It is expected that by moving forward with the TTIP, the EU and the US not only would continue to participate in the setting of global practices, but also establish new global trends in trade, counterbalancing the growing Chinese influence in the world market.