Transatlantic Trade and Investment Partnership (EU-US FTA), sometimes also called Transatlantic Free Trade Agreement (TAFTA)
The United States and European Union agreed Tuesday to reduce red tape related to cargo security and pledged to work toward tearing down tariffs and regulatory barriers between the world’s largest trading partners.
After President Barack Obama’s commitment this month to a transpacific free trade agreement, business leaders in Europe and United States are asking for a similar initiative across the North Atlantic to spur economic growth and create jobs.
Finland’s Minister for Foreign Affairs Alexander Stubb has proposed a common free trade zone for the European Union and the United States and a kind of marriage counselling for the two.
Senior officials from Germany and Russia warned on Wednesday against pursuing any free trade agreement between the European Union and United States which might endanger a broader multilateral deal under the WTO.
Influential MEP group urges greater economic and regulatory cooperation between the EU and the US by removing transatlantic barriers to trade and investment.
Centre-right members of the German government are in favour of closer economic ties between the EU and the US, possibly resulting in a free trade agreement.
Shadow foreign secretary of the UK William Hague has called for a free trade area to be established between the EU and US.
The EU-US summit (June 25-26, Dromoland Castle, Ireland) may result in a de facto launch of free trade negotiations between the EU and the US.