Second Round Of TTIP Talks To Get Underway

The second round of negotiations toward a Transatlantic Trade and Investment Partnership (TTIP) between the US and European Union (EU) will take place in Brussels next week.

Speaking ahead of the talks, European Trade Commissioner Karel De Gucht said that he will "be pressing for an ambitious outcome on a number of key issues in the interests of the EU and ultimately both sides."

De Gucht wants to see any potential deal go beyond the simple reduction of tariffs, and is seeking provisions that will make the EU and US regulatory systems more compatible and help shape global rules on trade. The TTIP will not, however, "water down" Europe's existing set of rules and regulations.

Going forward, De Gucht believes that "ensuring joint transatlantic leadership in the development of global norms and standards goes hand in hand with building progressively a more integrated transatlantic marketplace." He is clear that negotiators must "deliver the concrete and measurable reduction in costs for business through mutual recognition or by other means to avoid the unnecessary duplication of regulatory costs."

De Gucht will "remain actively engaged to guide negotiators towards an ambitious outcome." A further round of talks is planned for December, when negotiations should be able to establish the "common foundations for an ambitious and transformative TTIP." It is hoped that they will present a commonly agreed outline of the regulatory and rules component of the TTIP by January, 2014.

Source: Tax News