U.S.-EU free trade agreement failed
The free trade negotiations between the European Union and the United States have failed, Germany's Vice-Chancellor Sigmar Gabriel has said.
Transatlantic Trade and Investment Partnership (TTIP) recently shows no sign of progress despite three years’ of talks.
The 14th round of negotiations between American and EU officials took place in Brussels in July. It was the third round in six months.
Sigmar Gabriel said that during the talks neither side had agreed on a single common chapter out of the 27 being deliberated.
TTIP was designed as a wide-ranging free trade deal between the two enormous economic blocs, which European officials estimated would boost the EU’s GDP by ˆ120bn, or 0.5pc.“In my opinion, the negotiations with the United States have de facto failed, even though nobody is really admitting it,”
Mr Gabriel told public broadcaster ZDF. “The talks with the US have de facto failed because we Europeans of course must not succumb to American demands. Nothing is moving forward.”
His words clash with those of Chancellor Angela Merkel who has described the deal as “absolutely in the EU’s interests.”
Teams from the EU and the US have been working on the deal, which could become the largest bi-lateral free trade agreement ever, for three years and had hoped to reach a conclusion by the end of 2016.