Interview: Emerging markets could also benefit from TTIP: U.S. ambassador to EU

As the eighth round of negotiations on the Transatlantic Trade and Investment Partnership (TTIP) concluded here on Friday, U.S. Ambassador to the EU Anthony Gardner told Xinhua in an exclusive interview that such a new mechanism for global trade rules could benefit emerging markets in spite of rising standards of exports.

Not only would the EU and United States benefit from the TTIP due to reduced tariffs and more jobs, emerging countries could also take advantage of the new proposed regulations, Gardner told Xinhua.

"Despite the TTIP addressing high standards of exports set by developed countries, we don't think there is a negative spill-over effect on emerging markets," the top U.S. official said.

In Gardner's view, regulation convergence between the EU and the United States in the TTIP will create an easier environment for emerging market exporters when they trade with these two blocs.

If the TTIP rules are extended to or adapted by other parts of the world, having one trade standard would simplify trade globally, he added.

"We have seen exporters from emerging markets such as China capable of reaching the high level of protection for health, consumer and environment," Gardner said.

He noted that emerging markets could leverage the effects of economic growth and rising consumption power, which would lead to increasing imports by China, Latin America and Africa.

"The TTIP is not a zero-sum game, it should be a good deal for emerging market countries," Gardner said.

The European Commission's own estimate of TTIP's impact suggests the EU economy could benefit by 119 billion euros (about 135 billion U.S. dollars) a year, equivalent to an extra 545 euros per family of four in the EU. According to the same study, the U.S. economy could gain an extra 95 billion euros a year or 655 euros per U.S. family.

Despite foreseeable economic benefits from the TTIP, negotiators from both sides continue to struggle with public concern over the deal with protests and demonstrations taking place in Brussels this week.

Gardner, however, felt that many of those opposing the deal objected not to the trade aspects of the TTIP but to proposed privacy and public service regulation.

Addressing the timeframes of the TTIP, Gardner said it would be to conclude negotiations this year. But "both sides are negotiating in good faith. The European Commission promises a fresh start. I think they are terrific," he said.

"The question is not the date on which the deal will be implemented. It is the context and the content of the deal," Gardner added. Endit