The 11th Round of TTIP negotiations took place in Miami, Florida from October 19 – 23, 2015
Last October was held in Miami the eleventh round of the U.S. – EU negotiations on the Transatlantic Trade and Investment Partnership (TTIP) agreement, bringing progress on market access in its all three areas meaning: tariffs, services and public procurement. According to the European Commission’s latest newsletter, the EU has formally presented to the US its proposal for a reformed approach on investment protection and a new and more transparent system for resolving disputes between investors and states: the Investment Court System. The new system would replace the existing investor-to-state dispute settlement (ISDS) mechanism in TTIP and in all ongoing and future EU trade and investment negotiations.
Following what has been stated by the EU chief negotiator Ignacio Garcia Bercero and the US chief negotiator Dan Mullaney, their intention is to conclude an agreement in 2016 before President Obama and its administration leave the White House.
According to what the EU Trade Commissioner Cecilia Malmström said in an interview with French daily newspaper Le Figaro, the transatlantic talks have reached a political phase and real discussion on customs duties have begun in Miami, putting each side its offer on the table: tariffs in October, and public procurement in 2016. She also assured that Member States will be carefully informed at all times.
Commissioner Malmström, during a meeting last month with the Minister-President of Wallonia, Paul Magnette, reassured that TTIP will not be negotiated at any price: Europe will protect its high standards for food safety, consumer and environmental rules, privacy, healthcare, and social protection.
E.U. and U.S. have strengthened their hopes about TTIP after the conclusions on TPP
It was recently announced that negotiations on TPP – Trans-Pacific Partnership have concluded after five years of negotiations. The agreement reached by Trade ministers from the 12 TPP countries is supposed to boost the economy setting the rules for a trade in the fast-growing Asia-Pacific region. Even though each country has a different level of development, together they represent the 40% of global wealth: United States, Australia, New Zealand, Japan, Brunei, Malaysia, Vietnam, Singapore, Chile, Peru, Mexico and Canada.
The details of TPP have finalized and now the focus is right on TTIP – Transatlantic Trade and Investment Partnership. Its conclusion will free up valuable time, energy and political capital to invest in TTIP negotiations. Neither excuses can be claimed nor we have time to waste: the moment to put on the table all the topics, agree on them and find solutions to the controversial matters has arrived, and its agreement can be right in the corner.
If you have any doubts regarding further steps on TTIP, do not hesitate to contact us at ttip@arola.com.
Photo source: Office of the United States Trade Representative (2)
