Twelve nations engaged in US free trade talks bedeviled by details
THE world's largest free-trade deal is reportedly in trouble as France won a concession to leave European movies and entertainment out of the pact to shield them from the might of Hollywood and Silicon Valley.
This development has raised concerns that Washington may pursue opt-outs for its shipping industry on security grounds, reports Reuters.
The US Government shutdown that induced President Barack Obama to miss the last round of talks has caused next week's talks in Brussels to be scuppered as other heads of government were able to attend the talks.
Adding to their problems, a split is emerging between Europe and the US on one of the most critical areas of the proposed pact.
"This delay is not fatal, but if the US shutdown drags on and you are taking things off the table like culture and financial services, it is not a good way to start," said Stuart Eizenstat, a former US ambassador to the EU. "This postponement may complicate the timetable of completing the talks by the end of 2014."
EU and US officials say the deal, known as the Transatlantic Trade and Investment Partnership, could boost economic output by US$100 billion annually on both sides of the Atlantic, creating a market of 800 million people.
The great, hoped-for benefit is that by agreeing to common regulatory standards, many costs and hurdles hindering transatlantic business will be removed, making the two economies even more dynamic and speeding the wheels of trade and industry, the report added.
THE world's largest free-trade deal is reportedly in trouble as France won a concession to leave European movies and entertainment out of the pact to shield them from the might of Hollywood and Silicon Valley.
This development has raised concerns that Washington may pursue opt-outs for its shipping industry on security grounds, reports Reuters.
The US Government shutdown that induced President Barack Obama to miss the last round of talks has caused next week's talks in Brussels to be scuppered as other heads of government were able to attend the talks.
Adding to their problems, a split is emerging between Europe and the US on one of the most critical areas of the proposed pact.
"This delay is not fatal, but if the US shutdown drags on and you are taking things off the table like culture and financial services, it is not a good way to start," said Stuart Eizenstat, a former US ambassador to the EU. "This postponement may complicate the timetable of completing the talks by the end of 2014."
EU and US officials say the deal, known as the Transatlantic Trade and Investment Partnership, could boost economic output by US$100 billion annually on both sides of the Atlantic, creating a market of 800 million people.
The great, hoped-for benefit is that by agreeing to common regulatory standards, many costs and hurdles hindering transatlantic business will be removed, making the two economies even more dynamic and speeding the wheels of trade and industry, the report added.