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International Trade agreements will benefit people on both sides of the Atlantic

15 March 2016

International Trade agreements will benefit people on both sides of the Atlantic

Yesterday, the Committee on International Trade discussed the CETA trade agreement between the EU and Canada as well as taking stock of progress concerning the Transatlantic Trade and Investment Partnership.

Yesterday, the Committee on International Trade discussed the CETA trade agreement between the EU and Canada as well as taking stock of progress concerning the Transatlantic Trade and Investment Partnership (TTIP) following the meeting last week between the Commissioner, Cecelia Malmström and the US Trade Representative, Michael Froman.
The Director General of the European Commission’s trade department, Jean-Luc Demarty, informed Members of the final outcome of the negotiations for CETA, noting that the Agreement contains a number of advantages for EU exports of processed agricultural products, industrial products and cars, as well as including new and improved market access for EU companies to bid for government contracts Canada.

In addition, Mr Demarty informed MEPs that the EU has succeeded in negotiating new investment protection provisions to replace the old ISDS system, which had been the source of recent opposition in some Member States. Demarty further stated that the final CETA Agreement will be sent for the approval of the European Parliament by the end of 2016, once the EU’s Member States have signed it.
Concerning the TTIP, Demarty noted that while he is aiming to have the negotiations concluded by the end of the year, that the Commission will not be sacrificing quality for the sake of speed. The agreement with the US has to be balanced, and the substance will always come above the time schedule.

Emma McClarkin says:
“It is great to hear from the Commission that the last round of negotiations with the US went well and that both sides have agreed to work towards a high quality deal that will benefit people on both sides of the Atlantic”.

Furthermore, McClarkin finds the chapter on small and medium sized businesses important, because the TTIP will benefit them:
“For me, one of the best elements of the agreement will be the chapter on small and medium sized companies (SMEs). Despite some concerns from the US, the EU has succeeded in persuading them to help set up an online tool to help SMEs trade more, which is real progress in the right direction.
Small firms do not always have the time or resources necessary to comply with complex laws and rules at the border, so simplifying them and making them easier to navigate could have a transformative effect on trade”.

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