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August 29, 2014

United States, Europe Launch Negotiations on Historic Transatlantic Trade and Investment Partnership Agreement

In his February 12, 2013, State of the Union address, President Obama announced that the United States and the European Union will immediately launch negotiations on a comprehensive Transatlantic Trade and Investment Partnership Agreement.  The new U.S.-EU trade talks will seek to expand the world’s largest economic relationship, now valued at nearly $1 trillion annually, through market reforms and rules of groundbreaking scope.  In addition to eliminating tariffs and other access barriers to goods, services and investments, the negotiations will seek to:

  • Remove costly “behind-the-border” non-tariff barriers, including restrictive food safety, health, consumer and environmental standards
  • Harmonize regulations and product standards in numerous sectors, including chemicals, autos, pharmaceuticals, medical devices and emissions
  • Establish new rules governing global supply chains, local content, state-owned enterprises, trade facilitation, energy, raw materials, data privacy, labor and the environment, competition, and small-to-medium-size enterprises

Any U.S., EU or multinational company or trade association engaged in U.S.-EU trade or investments should be involved in these negotiations to help advance and protect its interests.

In the United States, there will be several near-term opportunities for stakeholders to become engaged in the talks.  During the 90-day period following the President’s notification to Congress of his intent to begin negotiations, the Administration will seek public comments from interested parties on negotiating objectives.  The International Trade Commission will also seek comments on the economic impact of the new agreement.  On the EU side, the European Commission will present draft negotiating directives to the EU Council for approval, with various opportunities for private-sector representations.

© 2014 McDermott Will & Emery

TRENDING LEGAL ANALYSIS


Philip Bentley, QC, McDermott WIll Emery law Firm, Antitrust Attorney
Partner

Philip Bentley is a partner in the international law firm of McDermott Will & Emery/Stanbrook LLP based in its Brussels office.  He is a member of the Firm’s EU regulatory practice and European Competition and Trade Groups.  His practice focuses on EU anti-dumping, trade defense and customs, EU competition (including State aid and public procurement), EU regulatory matters, notably GMOs, and EU litigation.

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Partner

Pamela D. Walther is a partner in the law firm of McDermott Will & Emery LLP and is based in the Firm's Washington, D.C., office.  She focuses her practice in the international trade area with particular emphasis on trade relief and market access for food and agricultural products.

202-756-8220
Partner

Jay L. Eizenstat is a partner in the law firm of McDermott Will & Emery LLP and is based in the Firm’s Washington, D.C. office.  His practice focuses on U.S. and World Trade Organization (WTO) trade law and policy, market access and trade initiatives disputes involving U.S. trade obligations and the WTO, and domestic and international customs matters. 

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