OUR NEWS

EU approves new trade talks with US

April 15, 2019

 

European Union countries have approved plans for trade talks with the United States.

 

President Donald Trump and the head of the European Commission, Jean-Claude Juncker, agreed last year that they wanted to reduce trade barriers.

 

The decision by EU ministers gives the Commission authorisation to conduct formal talks.

 

But there is already a disagreement over whether farm goods should be covered by the talks.

 

If the talks do get going, it would not be the first attempt by the two sides to make a bilateral trade agreement.

 

Under President Barack Obama, the US and the EU had a programme of negotiations known as the Transatlantic Trade and Investment Partnership, or TTIP.

 

It was very controversial, especially in Europe. Among the many criticisms from campaigners was the view that it would have given too much scope for international businesses to challenge the decisions of elected governments.

In any event, TTIP was abandoned.

 

The proposals now coming out of Brussels are much less wide-ranging than TTIP was.

 

Breaking barriers

 

EU ministers have given the Commission - which conducts trade talks on the group's behalf - a mandate to negotiate on two tracks.

 

One is to seek the elimination of tariffs (taxes on imports) on industrial goods on a "reciprocal basis".

 

The second is intended to reduce regulatory barriers to trade, specifically in an area known as conformity assessment. That is the procedure by which regulators ensure that goods comply with, for example, safety rules before they are made available for sale.

 

The idea is to develop arrangements that would enable an agency in the EU (or the US) to certify that a product complies with all the relevant rules in the US (or the EU).

 

Getting goods assessed by an agency in a firm's home country can be cheaper and less difficult. The Commission says this is especially an issue for smaller businesses.

 

Analysis by the Commission said that eliminating tariffs could boost EU exports to the US by 7% and slightly more for goods shipped in the opposite direction.

Please reload

Recent Posts

Please reload

SUBSCRIBE TO OUR NEWSLETTER

Keep up to date with the latest news and services from Oakmark Global Vision

WEST AFRICA'S NO.1 ECONOMIC AGENTS

REGIONAL OFFICE

INTERNATIONAL OFFICE

CONNECT WITH US

SITE MENU

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

King Court, 17 School Road
Hall Green Birmingham
United Kingdom  B28, 8JG

+234 -(0)- 929 207 02
+234 (0) 808 643 0422

+44 (0) 121 244 1814
+44 (0) 746 625 2505

© 2019 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

WEST AFRICA'S NO.1 ECONOMIC AGENTS
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon
  • Grey LinkedIn Icon