The EU and US today concluded the second round of week-long negotiations for the Transatlantic Trade and Investment Partnership. Continuing from where they left off in the first round in July. A good atmosphere and the active involvement of regulators from both sides meant significant progress was made.
The second round of TTIP talks which had begun in Brussels, Belgium, on 11 November 2013. The week-long round of negotiations replaced the talks originally scheduled for 7th-11th October which were postponed due to the shutdown of the US government.
This round of negotiations put the TTIP discussion process fully back on track in terms of the planned negotiation timeline. The teams of negotiators from either side of the Atlantic discussed services, investment, energy and raw materials, and regulatory issues.
The next round of TTIP talks will take place in Washington DC in the week of 16 December meaning that, despite the postponement of the second round, the negotiations remain on track. After the December round, the two Parties will take stock, identify areas of convergence and areas where political guidance might be needed.
TTIP is an opportunity for the U.S. and EU to align regulation that could reduce costs of business and investments while keeping high standards in place. If successfully agreed upon, TTIP negotiations may even serve as a model for the rest of the world and set the default global standards in production and trade.