Even if trade talks for a Transatlantic Trade and Investment Partnership (TTIP) are accelerating, reaching a deal by the end of the year is unlikely, Joseph Quinlan, Senior Fellow, Center for Transatlantic Relations, Johns Hopkins University said in an interview with EURACTIV.
“I think TTIP is a deal for between now and 2020,” he stressed, saying the US presidential elections has hit the pause button for TTIP.
Despite continuing transatlantic economic turbulence, the EU and the US remain each other’s most important markets, according to the annual Transatlantic Economy report, of which Quinlan is one of the authors with Daniel Hamilton. Companies don’t wait for trade negotiators, because if they did they would be waiting for a long time, Quinlan added, stressing that ‘it is worth chipping layers, keep negotiating and understand each other’s position,” and not settle for a TTIP light.
Talks began in July 2013, but rapidly became bogged down amid widespread public protest, with disputes breaking out over a number of issues, including investor protection. The parties hope to agree on consolidated texts by the 14th round of TTIP negotiations, to take place in Brussels in July 2016. Negotiators expect that only the most politically sensitive elements of regulatory cooperation will still be bracketed, or under discussion by then.
Seven years after the 2008-2009 financial crisis, the growth gap between the two trade partners is narrowing, but still remains in trade, jobs, monetary policies and approached to the digital economy. That is why more than TTIP, it is important to concentrate on boosting growth through completing the single market.