U.S. Formally Enters Into Trade Negotiations with EU
The Obama Administration officially notified Congress of intentions to enter into trade negotiations with the European Union March 20. The Transatlantic Trade and Investment Partnership will have to seek innovative ways to reduce non-tariff trade barriers between the U.S. and EU, Acting U.S. Trade Representative Demetrios Marantis said in his letter to Congress announcing the negotiations (here). The administration’s goals for the talks include reducing trade barriers based on unscientific sanitary and phytosanitary restrictions, crafting strong intellectual property rights and ensuring transparent and efficient customs operations.
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“We do not underestimate the challenge of concluding a comprehensive trade and investment agreement with the EU,” Marantis said. “However, the potential gains overwhelmingly justify the effort.” Marantis added the administration will hold “regular and vigorous consultations with stakeholders” and work closely with Congress to further develop negotiating objectives. Crafting those objectives is key to tackling barriers to EU-U.S. trade, Rep. Dave Camp, R-Mich., House Ways & Means chairman, said in a statement. “ … therefore I welcome the Administration’s announcement that it intends to begin discussions with Congress to develop bipartisan Trade Promotion Authority.”
House Trade Subcommittee Ranking Member Charles Rangel, D-N.Y., said in a statement the negotiations should focus on regulatory differences. “Too often in the past, EU and U.S. regulators have developed different regulations to achieve common objectives. Our negotiators should work to make those regulations more compatible, while still achieving the same high level of protections for our people.” Read the statement from Ways & Means Republican leaders here and Democratic leaders here.