WASHINGTON–A proposed trade agreement between the U.S. and the European Union will survive Great Britain’s decision to leave the single market, the European Union’s commissioner in charge of trade said Wednesday.
Speaking at an event in Washington, EU Commissioner Cecilia Malmstrom reiterated that both sides would strive to wrap up talks on the Transatlantic Trade and Investment Partnership before President Obama leaves the White House early next year.
Malmstrom noted that Britain is still part of the EU, and the formal exit process could take some time.
The U.S. and all 28 EU member states have agreed that “the rationale to do TTIP is as strong today as it was on Thursday, if not stronger,” before the referendum was held in the United Kingdom, Malmstrom said at a forum hosted by Washington-based Atlantic Council, a global-affairs think tank.
The anticipated trade agreement between the U.S. and EU aims to help businesses do more transatlantic deals and transactions, cut tariffs and harmonize regulatory standards.
TTIP has been under fire in EU countries over fears that it would open up Europe’s health, education and water services to American companies, endanger food and environmental safety, and smooth the way for companies to sue governments.
Trade agreements have drawn attention in the U.S. presidential elections as candidates from both parties voiced opposition of free trade agreements including TPP with Pacific-Rim countries, saying those trade deals are against American workers’ interests.
Mentioning the Independence Day in the U.S., on July 4th, Malmstrom said TTIP is compatible with preserving identities and individualities of its member nations.
Negotiators on both sides will meet for the 14th round of talks in July in Brussels on market access, regulatory cooperation and trade rules.
Photo at top: EU Commissioner Cecilia Malmstrom. (Harvard Zhang/Medill News Service)
Published in conjunction with 