Transatlantic trade talks in sight
Sign in to YouTube
Sign in to YouTube
Sign in to YouTube
Published on Feb 13, 2013
http://www.euronews.com/ The European Union and the United States have agreed to talks on a free trade alliance.
European Commission President Jose Manuel Barroso said they should be able to start discussions by the end of June on bringing down trading barriers.
It would be the most ambitious free trade deal ever attempted, encompassing half the world's economic output and a third of global trade flows.
Barroso told a news conference: "A future deal between the world's two most important economic powers will be a game changer. Together, we will form the largest free trade zone in the world. So this negotiation will set a standard, not only for our future bilateral trade and investment, including regulatory issues, but also for development of global trade rules."
He spoke after President Barack Obama announced US support for the idea during his annual State of the Union address to Congress.
*Tough talks ahead*
The EU estimates such an agreement would boost its annual GDP growth by half a percent, however
the EU Trade Commissioner Karel De Gucht warned the talks will be tough.
Import tariffs between the two are already low - at an average of four percent.
Negotiations will focus on harmonising standards, from car seat belts to household cleaning products, and regulations governing services.
Ideally, De Gucht said, the negotiations should be wrapped up in two years.
Before talks can start, the US Congress must be notified and the European Commission needs approval from EU member states. It will present draft negotiating directives in March, no doubt prompting debate.
*How they gonna see this down on the farm?*
One of the key sticking points is likely to be agriculture.
When a transatlantic trade deal was suggested in 1998, it was shot down by France, which feared the European Union could be forced into concessions on agricultural trade.
The United States has long been frustrated with EU restrictions on US farm products such as genetically modified (GMO) crops, poultry treated with chlorine washes and meat from animals fed with the growth stimulant ractopamine.
In an early sign of EU reticence, Barroso said the negotiations would not compromise consumer health.
"We will not negotiate changes that we do not want of the basic rules on either side, be it on hormones or GMOs," he said.
The United States does not want a repeat of the Doha round of world trade talks, which began in 2001 and have never come to a conclusion.
Find us on:
Standard YouTube License
- 55:58 Solid Scientific Evidence we are Headed for a Pole Shift! (FULL LENGTH)by EarthweareoneFeatured 250,355
- 12:03 euronews on the frontline - Right wing, right here, right nowby Euronews 3,635 views
- 0:31 Roof collapses at Chernobyl nuclear power plantby Euronews 44,546 views
- 0:31 Apple considering its cash pile, maybe working on a watchby Euronews 1,716 views
- 1:00 'Marriage for all' a step closer in France after MPs' voteby Euronews 2,119 views
- 4:58 Yakwa - PREVIEWby docued 163,513 views
- 29:20 QI - 3x07 Jeremy Clarkson Rich Hall Sean Lock.aviby oaaQIworld 39,321 views
- 1:03 Liberan en EU a presunta hija del "Chapo"by Cadena3Noticias 27,595 views
- 11:40 EU says yes to gold bullion collateral-On the Edge with Max Keiser-06-03-2011-(Part1)by PressTVGlobalNews 9,596 views
- 5:13 US Debt Crisis 2013-2014 - US Economy Explained - Understanding the Financial Crisisby Milun Kukalj 48,262 views
- 8:26 George Carlin on Fat Peopleby MasterMilkshake 4,341,924 views
- 1:58 European Government-Media Complex BLACKS OUT French Anti-Islamization Protest - Nov 13th 2012by EuropeanWatchman3 3,634 views
- 1:39:36 Watch President Obama Deliver the 2013 State of the Union Addressby PBSNewsHour 62,872 views
- 6:57 Власовцы.by vcentresobitiy 1,188 views
- 9:48 "La ronda de Doha" 1/5. Invitado: Jaime Serra Puche. Efekto Mundial presenta:by Efekto Noticias 681 views
- 3:10 Wax Removal for hearing test.by ox157 1,018,174 views
- 5:08 VTC14_Mập mờ bảo hiểm xã hộiby KenhTruyenHinhVTC14 62 views
- 1:42 Obama calls for US-EU free trade agreementby EUXTV 2,295 views
- 9:21 The TBT (ETF) Long Trade and Other Plays To Discussby Todd Mitchell 1,310 views
- 19:02 PolitiChicks Exclusive: Geert Wilders Discusses Islamic Terrorism in EU & USby PolitiChicks 3,871 views
- Loading more suggestions...