European Trade Deal Unlikely, says Time
The Transatlantic Trade and Investment Partnership (TTIP), currently being negotiated between the United States and the European Union, likely won’t happen, says Time magazine in its May 16 issue.
That’s because European opponents fear such an agreement would weaken EU environmental and safety standards, most notably its “precautionary principal” which requires much tougher proof that new compounds won’t cause harm. Even if a trade deal is reached, it must be approved by both the U.S. Congress and parliaments of the 28 EU members. Given the anti-trade rhetoric in both the U.S. and Europe, gaining passage would be difficult.
The National Milk Producers Federation and the U.S. Dairy Export Council have also warned against passage of the TTIP, particularly if it would continue to allow “geographical indicators” (GIs) to remain in place. These GIs prohibit the use of common food names, such as parmesan, outside the region they were originally produced.
Time magazine does predict the Trans Pacific Partnership, negotiated among the U.S., Canada and 10 Pacific Rim nations will likely be ratified after the U.S. presidential election in November and before the new Congress is seated in 2017.