Free Trade Deal between EU & US is “dead”, allege Germany & France

Berlin / Paris : The possibility of free trade negotiations between European Union and United States is “dead”, as accused by the leading European nations, France and Germany. Germany’s Minister of Economic Affairs and Vice-Chancellor, Sigmar Gabriel, said that the negotiations have de facto failed due to exorbitant demands and pressure from United States. The French Finance Minister, too, signalled France’s exit from the negotiations due to America’s lack of business securities. Negotiations on world’s largest free trade deal, the “Transatlantic Trade and Investment Partnership” had started shaping up since 2013.

Free Trade Deal between EU & US is “dead”: allege Germany & France

Along with United States and Europe, the TTIP which had promised to boost the world economy by almost $300 billion, has started facing scepticism since past two years. The present deal only safeguards the interests of multi-national companies, as accused by the opponents. With the help of TTIP, multi-national companies will trample over the environment, labor and public services, as claimed in the accusations. There are campaigns going on all across the European Union to portray these aspects. There is also an authorized movement which has started to oppose the deal.

On these grounds, the criticism directed towards TTIP from the ruling circles of all the major nations of the European Union, has grabbed attention. “The ongoing negotiations over the ambitious trade deal between United States and European Union have de facto failed, even though nobody is really admitting it. The deal is doomed as European Union has declined to succumb to the demands of United States. Over the discussions, there is no progress on even a single point,” said the German Vice-Chancellor, declining any future possibility of the trade deal.

There have been 14 rounds of negotiations between both the parties but neither side has managed to agree upon a single point. The objection raised by United States on the European companies, is against the free trade, accused German Vice-Chancellor Gabriel. German ministers, who have denounced the TTIP, have expressed support towards EU’s FTA deal with Canada. The free trade deal with Canada will provide justice to both sides, said Gabriel.

After Germany, France’s Minister of Foreign Trade has also criticized the TTIP. “United States is in a protectionist mode. On the contrary, Europe is relatively free. If the deal does not progress, then France will exit from the negotiations”, expressed France’s Minister of Foreign Trade and Tourism, Matthias Fekl. President Francois Hollande and Prime Minister Manuel Valls, have also casted doubt on the possibility of the deal.

The failure of the TTIP is attributed not only to the increasing opposition all across Europe, but also to Brexit. After Britain’s exit from the European Union, United States have given TTIP marginal importance But at the same time they have established an independent trade deals with Britain, and also Transpacific nations is given utmost importance. Currently in the United States, there is political chaos going on for the presidential election, due to which the deal with Europe has been postponed, as informed by the sources. Next year, there will be elections in France and Germany; hence these nations have also refused to take any decision over the deal. Therefore the deal is nearly over, as seen.

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