TTIP doomed to FAIL: EU trade deal with US could be KILLED OFF in just THREE MONTHS
The Foreign Trade Association believes the Transatlantic Trade and Investment Partnership (TTIP) is doomed to fail unless talks are concluded before 2017.
Pierre-Michael Groening of the Brussels-based group said: “There is still chance of success for TTIP but the window of opportunity is rapidly closing.
“Negotiations have not reached an impasse but are likely to fail in case there is no political deal by the end of this year.”
Hillary Clinton and Donald Trump, who are vying to replace the pro-TTIP Barack Obama as President, have both hinted they are opposed to the agreement.
Talks about the proposed deal have taken place in secret for several years between the unelected European Commission and the US Trade Representative.
Opponents of TTIP claim the agreement would allow huge US corporations to buy into public services across the EU and even sue national governments.
Germany’s Vice Chancellor Sigmar Gabriel last week declared negotiations with the US have “de facto failed”, but added: “Nobody is really admitting it”.
Michael Froman, the US Trade Representative, hit back saying: “I do not share Mr Gabriel’s assessment. We have made good progress in the talks.
“Time is short. But with the necessary political will in the negotiations, we believe we can still achieve our goal of closing a very good deal this year.”
Mr Obama – whose eight-year term at the White House ends in January – said in April that TTIP should be signed before the end of this year.
Mrs Clinton has vowed to “stop any trade deal that kills jobs or holds down wages”.
Eurocrats would also struggle force through the agreement if Republican candidate Mr Trump becomes President due to his instinctively protectionist stance.