Brussels, 28/01/2014 (Agence Europe) - The date for the resumption of the technical talks as part of the transatlantic trade and investment partnership agreement (TTIP) has been set for mid-March. The European Commission has published its negotiating position on financial services.
During a meeting in Washington on 17-18 February, European Commissioner for Trade Karel De Gucht and US Trade Representative Mike Froman will review the progress of the TTIP negotiations after the first three rounds conducted in 2013. The fourth round is scheduled in Brussels for the week of 10-14 March.
The De Gucht-Froman meeting will provide “political guidance” to the negotiators on how best to reduce the differences on the issues that will need a great amount of flexibility in the TTIP negotiations - agriculture (both on the issue of market access and on the issues of geographical indications), sanitary and phytosanitary regulation, regulatory convergence in the different industry sectors, financial services and the protection of investments (see EUROPE 10992).
On 27 January, the Commission published the EU negotiating position on financial services. “The EU proposes to establish, within the TTIP framework, a transparent and accountable process which would allow the two parties to work together towards strengthening financial stability”, the Commission said in a press release. The objective is not to define or redefine the substance of international standards for financial regulation or to negotiate prudential rules, but to create a workable platform for EU and US regulators to ensure that the EU and US are compatible, says the Commission. As “the global nature of financial services allows for transmission of risk, irrespective of national borders, the EU believes that this is the only way to ensure viable, sound and resilient financial markets in the future”, it adds. This platform will also benefit financial operators thanks to greater interoperability of rules, thus avoiding market fragmentation and creating a more level playing field. “The EU proposal offers the opportunity to lay the long-term foundations of an integrated and stable transatlantic financial market”, the Commission concludes.
On Monday, the Commission also announced the launch of a special advisory group of experts representing a broad range of European interests - ranging from the environment, health and workers' interests to those of different economic sectors (food processing industry, manufacturing and services). The advisory group is tasked with advising the European negotiators (see EUROPE 11005).
Last week, De Gucht decided to consult stakeholders on the protection of investments and the arbitration mechanism for disputes between investor and state. (EH/transl.fl)