The European Union and the United States could soon be reviving negotiations of the Trans-Atlantic Trade and Investment Partnership agreement. Commerce Secretary Wilbur Ross over the weekend said reducing the trans-Atlantic trade deficit in goods is a top priority. The $146 billion trans-Atlantic trade deficit is only second to China’s $347 billion deficit.
Ross was hosting the European Union’s trade commissioner Monday to discuss how to proceed with TTIP talks that were launched under the Obama administration. Politics, negotiations, and the United Kingdom vote to leave the EU stalled the talks. But the talks will likely remain stalled as Germany has an upcoming election in September.
Ross said the first priority of the U.S. regarding trade is renegotiating the North American Free Trade Agreement. Ross expects a NAFTA agreement will be reached by mid-2018.
Source: NAFB News Service