| Author (Person) | Spinant, Dana |
|---|---|
| Series Title | European Voice |
| Series Details | Vol.10, No.13, 15.4.04 |
| Publication Date | 15/04/2004 |
| Content Type | News |
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By Dana Spinant Date: 15/04/04 PASCAL Lamy, the European trade commissioner, has poured cold water over ambitious plans to create a transatlantic free trade area (FTA) or to adopt a new "framework treaty" establishing a common market between the EU and the US. In a letter sent to UK MEP James Nicholson, chairman of the delegation for relations with the United States, Lamy warned against overreacting "in the context of an election year". "We have seen many 'grand initiatives' in the past - the reality is that when you get down to business, the schemes shrink as fast as they have appeared. "Instead of grand initiatives such as a FTA or a 'framework treaty' establishing the four freedoms between the EU and US...we should find ways of addressing the...true remaining frictions in transatlantic trade and investment relations" which are not tariffs but regulatory in nature, the letter states. The commissioner added that the transatlantic market "exists and is doing well" but negotiations are needed to achieve compatibility or mutual recognition of regulations, which would help businesses on both sides of the Atlantic. Lamy warned that a bilateral EU-US agreement would also send the wrong message to developing countries "on our commitment to pursue the multilateral agenda as a matter of absolute priority". The commissioner urged realism warning that "there is no political capital left in an election year to spend on an additional grand initiative with the EU, especially considering the protectionist line taken by some in the Democratic party during the primaries". The Transatlantic Policy Network, which gathers politicians and business people from both sides of the Atlantic, has called for the completion of a transatlantic market by 2015. Article says that EU Trade Commission, Pascal Lamy, has poured cold water over plans to create a free trade area (FTA) or common market between the US and the EU. |
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| Source Link | http://www.european-voice.com/ |
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| Countries / Regions | United States |
