LONDON (AA) – U.S President Barack Obama urged the EU to complete the Transatlantic Trade and Investment Partnership discussions by the end of this year
Obama spoke at the Hannover Messe Trade Fair opening ceremony on Sunday, which he attended with German Chancellor Angela Merkel.
“We have now been negotiating the TTIP for three years, we have made important progress but time is not on our side,” he said. “If we do not complete negotiations this year then [with] upcoming political transitions in the U.S. and Europe, it won’t be finished for quite some time.”
Obama added that the United States and the European Union had the largest trade and investment relationship in the world with trade amounting to around 3 billion dollars worth of goods and services every single day.
“At a time when other countries are trying to shape the global trade to their advantage, our countries, which make up nearly half of the global economy have the opportunity to write the rules for trade in a way that reflects our values,” he said.
Angela Merkel also emphasized that the TTIP would increase the standards of investment and trade and provide an opportunity to shape the global economy.
“Every kind of agreement that the EU has concluded with trading partners all over the world […] has increased and strengthened our trade relations, she said. “This TTIP is one that sets very high standards for all of us and I would use this opportunity, use this window of opportunity, because it may close very quickly.”
On Saturday, thousands protested against TTIP in Hannover, claiming it would force down wages and weaken environmental protection, consumer protection and labor rights. There are also concerns the agreement, which has been conducted behind closed doors, will leave the way open for U.S. companies to effectively privatize public services in Europe.
Supporters of the deal say it will increase trade and create millions of jobs on both sides of the Atlantic by removing trade tariffs.
On Monday, Obama is expected to meet Merkel, President Francois Hollande of France and the prime ministers of Italy and the U.K., Matteo Renzi and David Cameron, to discuss the trade deal.
The Hannover Messe Trade Fair is a massive industrial technology trade show in Germany.
