Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Farmers and members of Milieudefensie (Dutch environmental organization) demonstrate against the controversial Transatlantic Trade and Investment Partnership (TTIP) in The Hague on April 26, 2016

Enterprise

France says EU-US trade pact talks likely to stop

Farmers and members of Milieudefensie (Dutch environmental organization) demonstrate against the controversial Transatlantic Trade and Investment Partnership (TTIP) in The Hague on April 26, 2016

Farmers and members of Milieudefensie (Dutch environmental organization) demonstrate against the controversial Transatlantic Trade and Investment Partnership (TTIP) in The Hague/AFP

Paris, France, May 3 – Negotiations for a vast US-EU trade pact, which aims to create a free-trade zone covering 850 million people, are likely to grind to a halt because of Washington’s reluctance to make concessions, a top French trade official warned Tuesday.

“In view of the United States’ state of mind today, that seems to be the most likely option,” minister of state for trade Matthias Fekl told French radio when asked if the talks on a Transatlantic Trade and Investment Partnership, which began in 2013, could stop.

Fekl’s comments reflect deep suspicion in Europe that the deal will erode ecological and health regulations to the advantage of big business.

Washington and Brussels want the mega-deal completed this year before US President Barack Obama leaves office, but it has faced mounting opposition on both sides of the Atlantic.

On Monday, environmental pressure group Greenpeace released a trove of leaked documents about the closed-door negotiations, charging that a deal would inflict a dangerous lack of standards on US and European consumers.

However, the European Commission, which negotiates trade deals on behalf of the 28 EU member states, said Greenpeace was “flatly wrong” in its interpretation of the documents.

The Greenpeace leak was a “storm in a teacup,” Brussels said.

US officials also hit back at Greenpeace with the US Trade Representative saying: “The interpretations being given to these texts appear to be misleading at best and flat out wrong at worst.”

Fekl said that Europe was pushing for “reciprocity.”

“Europe is offering a lot and we are getting very little in return. This is unacceptable,” said Fekl, who negotiates trade deals on behalf of France.

Advertisement. Scroll to continue reading.

“It is a deal that — in the state it is in today — would be a bad deal,” he said.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...