Remember the controversial and runaway TTIP agreement? A new EU – US trade agreement is now being negotiated – this is what it is about Yle news

Trading partners will return to the negotiating table after a five-year hiatus. France, which has slipped to its allies because of the Australian submarine trade, is holding back the deal – but the armistice could also become a negotiating advantage for the EU.

The Vice-Presidents of the European Commission, Margrethe Vestager from Denmark and Valdis Dombrovskis from Latvia, who are in the background, will represent the Union in trade talks with the United States on Wednesday. Kuva: Dursun Aydemir / AOP

Do you still remember the TTIP agreement?

The EU-US FTA was negotiated for three years until the agreement was drilled in autumn 2016.

TTIP ie Transatlantic Trade and Investment Partnership would have removed trade restrictions and created a free trade area of ​​800 million people between the EU and the US. The plan proved too cumbersome to implement when world political changes came down the road.

There were 27 different themes in the negotiations. No agreement was reached until Donald Trump was elected President of the United States in November 2016.

After Trump’s election, negotiations finally went on ice. Britain’s EU difference, Brexit, also threw sand into the stroller.

The EU had many doubts about the agreement in the past, as the United States is accustomed to freer trade. Among other things, it pushed for the import of genetically modified products into the EU market, and the breaking of EU protection for original products.

RELATED :  In Germany, again, a new infection record - Christmas can become very bad

The biggest friction was caused by so-called investment protection. There were fears in the EU that it would have allowed large American companies to sue entire states as market disturbers.

250,000 people protested against the TTIP agreement in 2015 in Berlin. Protesters accused the treaty of being, among other things, a Trojan horse. Photo: Christian Mang / AOP

On the other hand, the agreement would have freed up perceived harmful barriers to trade and facilitated access for European companies to the US market.

Its collapse was a great disappointment to market-liberal parties and interest groups. Among other things, the then Vice-President of the Commission Jyrki Katainen took a firm stand on behalf of TTIP.

This will continue now

Now, five years later, we will return to the negotiating table much more cautiously. A new starting shot will be held tomorrow Wednesday in Pittsburgh, USA.

The first meeting of the new EU-US Trade and Technology Council will take place there. President of the United States Joe Biden and the President of the European Commission Ursula von der Leyen agreed to set up a Council in June (you switch to another service).

There is a heavy set of both blocks on site in Pittsburgh. The Commissioner for Digital and Competition will fly from the Commission Margrethe Vestager and the Commissioner for Trade Valdis Dombrovskis.

RELATED :  Peer support activities have been challenging during the Korona period - Marjatta Hautala, a patient with breast cancer: "Meeting face to face is really important after such a long time" | Yle news

Opposite them sit the US Secretary of State Antony Blink, Minister of Commerce Gina Raimondo and commercial agent Katherine Tai.

The aim is to open up trade and harmonize regulation. Cooperation is prepared behind the scenes by the parties’ negotiating delegations in ten working groups.

With several disputes already off the agenda during Biden’s term, the starting point for the talks is good, Dombrovskis tweeted on Monday.

For example, a 17-year dispute over state aid between the American Boeing and the European Airbus ended just in the summer (you switch to another service), he praises:

Content cannot be displayed

Yle’s services can display content published on social media. Check your cookie settings if you want to adjust the display of content on Yle’s services. By checking your cookie settings you can influence the content you see on our site.

See content on Twitter

Leading politicians have been wary of mentioning the loudly pitted TTIP agreement or the continuation of negotiations on that basis.

RELATED :  Marimekko has grown into a top trend - Poppies have flown from ministerial dresses and Finnair's wings to products of international brands

This is now a narrower agenda than TTIP, not a free trade agreement (you switch to another service). The main aim is to agree on common regulations, principles and standards.

Different document leaks (you switch to another service) consensus is sought above all on foreign investment in “sensitive technologies”, export regulation, artificial intelligence and semi-derivatives.

The position of employees is rising (you switch to another service) To a more prominent role than TTIP.

France is a key player

This time, the French shadow is hovering over the meeting, even though its representatives are not present.

The country is furious over the Aukus security deal signed by the United States, Australia and Britain in the second week. In its view, the Allies were disappointed in not keeping their European partners up to date with their plans for the Asia-Pacific region – that is, for China.

Although France has officially already reconciled with the United States and sent its ambassador back to Washington, there is a stir behind the scenes.

The country has watered down the meeting documents in advance, according to international media (you switch to another service).

Tactics can also act as a means of pressure. The United States may want to credit France and the rest of the EU because of the Aukus crook.

Read more:

US and EU massage trade peace – Airbus and Boeing subsidies put on ice

The EU wants to make its trade policy greener and put carbon tariffs at its external borders – is it threatening to create a new trade war?

Four questions on TTIP – Is an EU-US free trade agreement an impossible task?