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Slovakia should push for resumption of TTIP talks: Slovak official

Xinhua, September 8, 2016 Adjust font size:

At the informal EU summit here on Sept. 16, the Slovak government should make maximum efforts to restart talks on the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the United States, Slovak MEP Ivan Stefanec said on Wednesday.

According to Stefanec, it is small and open economies in particular, including Slovakia's, which could profit most from TTIP.

"In order for the EU economy to sustain and boost its competitiveness, it has to look for strategic partners whose economic, political, and legal environment is similar to ours. Such countries are mainly the United States, Canada, and certain countries in South East Asia," Stefanec emphasized.

The TTIP would create the biggest free trade area in the world.

"Along with the United States, we'll be setting the rules for global trade in terms of environmental, consumer, and intellectual property protection," pointed out Stefanec.

"This is a chance for Europe, maybe its last one, to take part in creating the rules of global trade. If we don't take it, someone else will ... Negotiations are still under way, so there isn't any final text yet," stated Stefanec.

It's been estimated that TTIP could boost Slovak exports by 116 percentage points and create as many as 27,000 new jobs, mainly in small and medium-sized enterprises. Slovakia's exports to the United States mostly consist of automobiles, machines, iron and steel. If and when the TTIP is signed, all traded products will be exempt from customs duty.

As Brussels and Washington are struggling to conclude the landmark bilateral trade talks by the end of this year, recent intensified critique from European politicians, along with year-long protests, cast doubt and uncertainty over the deal's future.

TTIP comprises of three main blocks, market access for EU and U.S. companies, cooperation on regulatory issues and global rules of trade such as sustainable development or competition policy.

Since July 2013, when the EU and the United States started negotiations on the free trade deal, 14 rounds of talks have been held. Endit