Brussels, 08/11/2013 (Agence Europe) - The European Commission is awaiting greater details from the United States on their ideas for regulatory convergence in the second round of EU-US trade talks, scheduled for next week.
Negotiators for the EU and the US will meet in Brussels from 11 to 15 November to negotiate a transatlantic trade and investment partnership (TTIP). The talks will examine regulatory barriers, services, investment, energy and raw materials. The partners have already agreed on a third round of talks in mid-December, and during future talks will make offers on market access and tariff liberalisation for farm and industrial products.
A Commission source close to the matter said the Commission hoped the US would come with more detailed ideas on regulatory convergence, adding that it was not for the EU to lower its regulatory protection. Commissioner De Gucht has already set out the EU's ambitions in this domain (see EUROPE 10941). It hopes to reach mutual recognition of safety standards for cars along with creative solutions to differences on the regulatory front for chemicals and pharmaceutical products. There will be separate talks on financial products, where the parties hope to establish clearer rules to ensure convergence on derivatives, capitalisation standards for foreign banks and re-insurance.
Although the talks will take place against the backdrop of leaks about mass spying by the United States in Europe, the Commission points out that, while the question of the transfer of data was discussed in the TTIP negotiations, the transfer of personal data was a “red line”. (EH/transl.fl)