The 11th round of Transatlantic Trade and Investment Partnership negotiations will take place in Miami, Florida all week this week.
Representatives from the EU, led by Ignacio Garcia Bercero on behalf of EU Trade Commissioner Cecilia Malmström, arrive in Florida on Monday morning. On the US side, Dan Mullaney will lead a team from US Trade Representative Michael Froman’s office. The two groups of experts will confer on the three biggest challenges to a comprehensive free trade agreement: access to markets, commonly agreed upon regulations, and trade rules. On Wednesday, the teams will meet with stakeholders and on Friday, the Chief Negotiators will hold a press conference to discuss progress.
Political thinkers and business leaders on both sides of the Atlantic agree that TTIP is a once in a lifetime opportunity. Chancellor Angela and US President Barack Obama have both called for this agreement. Chancellor Merkel recently called it a “fantastic opportunity” and urged negotiators to have TTIP on paper by the end of the year. EU Trade Commissioner Malmström is another huge proponent of TTIP as a way to enhance global influence and draw the EU and US closer together. If a comprehensive deal can be reached, it would be the largest free trade agreement in the world. By homogenizing trade rules and creating universal standards in goods, TTIP could influence the entire global market.
Focus on Details
TTIP could add billions of euros to the global economy annually.This week in Miami, EU and US representatives won’t be speaking on the potential TTIP has for the global economy. Instead, they will be focusing on the details. On the agenda for the 11th round are cutbacks in customs in order to facilitate imports and reductions to other, non-intuitive obstructions to trade, like the necessity to fill out forms for both the import and the export countries. On both sides of the table, negotiators want to avoid compromising any standards in the US or EU.
Courtesy of the German Embassy to the United States