EUROPE-US/TRADE-TTIP Germany rallies reinforcement to pitch for EU-U.S. trade deal

Record ID: 149860

  • Title: EUROPE-US/TRADE-TTIP Germany rallies reinforcement to pitch for EU-U.S. trade deal
  • Date: 2nd June 2015
  • Summary: BERLIN, GERMANY (JUNE 2, 2015) (REUTERS) EXTERIOR GERMAN ECONOMY MINISTRY GERMAN AND U.S. FLAGS GERMAN ECONOMY MINISTER SIGMAR GABRIEL WALKING INTO NEWS CONFERENCE WITH EU TRADE COMMISSIONER CECILIA MALMSTROM AND U.S. TRADE REPRESENTATIVE MICHAEL FROMAN CAMERAS (SOUNDBITE) (English) U.S. TRADE REPRESENTATIVE MICHAEL FROMAN SAYING: "We share a lot of the concerns about ISDS
  • Embargoed: 17th June 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVA3FZL2YRP2NL95QYHBAXYA6OZT
  • Aspect Ratio: 16:9
  • Story Text: European and U.S. trade officials came to Berlin on Tuesday (June 2) to try to drum up support for a transatlantic trade deal that faces growing opposition in Europe's biggest economy.
    Support among the German public for the Transatlantic Trade and Investment Partnership (TTIP) has fallen sharply over the past year, with many worrying it will weaken food, environmental and auto safety standards and give U.S. firms too much power.
    Only 41 percent of Germans think TTIP is a good thing, according to a Pew Research poll published last month, down from 55 percent a year earlier. In contrast, 50 percent of Americans are in favour.
    Alarmed by the level of resistance, the German government is now organising open meetings to try and dispel fears about the pact.
    Proponents say a deal would strengthen a transatlantic trade relationship already worth $3 billion a day by removing barriers to business and bolster the West's power to shape world trade.
    One of the biggest sticking points for any deal is an investor protection clause wanted by the Americans that critics say would allow companies to bully governments.
    "We share a lot of the concerns about ISDS (investor-to-state dispute settlement) over the last decade," said U.S. trade representative Michael Froman, who flew in for the forum with students and school children in Berlin. "We have continuously added safeguards and raised the standard of TTP (Transatlantic Trade and Investment Partnership). We have several safeguards and standards and loophole closings in there. And we are very much willing to sit down and work with the commissioner Malmstrom, when this process is finished, to talk about how to take ISDS forward on the context of TTIP."
    Economy Minister Sigmar Gabriel said that the clarification about the investment protection clause will play a big role in the gaining support: "We have by far not reached the end, but I think we calmed down the public debate a lot with this decision about ISDS and public courts," he said.
    EU Trade Commissioner Cecilia Malmstrom said that a multilateral court with many countries involved was a very good idea but it could not be done overnight, "because you need to find the premises for this, you need to find who is going to be there, how it is going to be organized, who will pay (for) it, etc. And that takes a little bit more time. So, it's more on the medium basis. We cannot set up this immediately."
    Asked whether that timeframe is realistic, Malmstrom called it "feasible" and said talks would become more intensive after the summer.
    To move the talks forward, the EU Commission has proposed a change that includes setting up a permanent arbitration court.
    German Chancellor Angela Merkel said at the weekend she hopes an accord can still be struck before U.S. President Barack Obama leaves office in early 2017, so that transatlantic trade can keep pace with the Pacific region.
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