U.S.-EU Trade Pact Will Be 'Game-Changer' EC Official Says
The future trade deal between the U.S. and EU “will be a game-changer” that will create the largest free trade zone in the world, EU Trade Commissioner Karel De Gucht told the European Parliament International Trade Committee Thursday. The agreement will set the standard for the partners' future bilateral trade and investment as well as for development of global rules, he said. It's estimated that when the pact is up and running, the EU gross domestic product will rise by half a percent, translating into tens of billions of euros each year, he said.
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Negotiations will cover tariffs, sanitary and phytosanitary issues, regulatory matters, investment, services, intellectual property rights, procurement and a set of trade rules for, for example, competition aspects, De Gucht told lawmakers. It's time to get going, he said. The EC intends to submit draft negotiating directives to EU governments in March.
De Gucht stressed that the trade agreement must dismantle any remaining traditional tariffs and make headway on market access issues in other areas such as public procurement, services and investment. The main focus has to be to tackle barriers behind the customs border, such as different technical regulations, standards and certifications, he said. In addition, the EU and U.S. must cooperate on global rules and standards to shape the future business environment of the world. The goal is to complete the work in around two years, “but, more paramount than speed is achieving an ambitious deal,” he said.