U.S - EU Trade Deal is the Foundation For a New Global Economic Order - daily alternative news

U.S – EU Trade Deal is the Foundation For a New Global Economic Order

The U.S. and EU have agreed to launch negotiations on what would be the world’s largest free trade deal. Such an agreement would be the basis for the creation of an economic NATO and would include trade in goods, services and investment, as well as cover intellectual property rights.

There are concerns that the U.S. could use these talks to push the EU to loosen its restrictions on genetically modified crops and foods. In addition, the deal might serve as a backdoor means to implement ACTA which was rejected by the European Parliament last year. A U.S.-EU Transatlantic trade agreement is seen as a way of countering China’s growing power and is the foundation for a new global economic order.

In his recent State of the Union address, President Barack Obama officially announced that the U.S. would launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the European Union (EU). A joint statement issued by European Commission President Jose Manuel Barroso, European Council President Herman Van Rompuy and U.S. President Obama explained that, “Through this negotiation, the United States and the European Union will have the opportunity not only to expand trade and investment across the Atlantic, but also to contribute to the development of global rules that can strengthen the multilateral trading system.”

In a separate speech, European Commission President Barroso also emphasized that, “A future deal between the world’s two most important economic powers will be a game-changer. Together, we will form the largest free trade zone in the world. So this negotiation will set the standard – not only for our future bilateral trade and investment, including regulatory issues, but also for the development of global trade rules.”

The decision to pursue a free trade deal was based on the recommendations put forth by the High Level Working Group on Jobs and Growth which was created to deepen U.S.-EU economic integration. In their final report, they called on leaders from both sides to, “initiate as soon as possible the formal domestic procedures necessary to launch negotiations on a comprehensive trade and investment agreement.”

According to U.S. and EU officials, talks could start in June with the hopes of completing a deal by the end of 2014. The proposed trade pact would include removing import tariffs, dismantling hurdles to trade in goods, services, and investment, as well as harmonizing regulations and standards. It would also cover intellectual property protection and enforcement. This could be used as an opportunity for a backdoor implementation of the Anti-Counterfeiting Trade Agreement (ACTA). It was a result of public pressure associated with risks to internet freedom and privacy which lead to ACTA being rejected by the European Parliament in July of 2012. There have already been attempts to use Canada-EU trade negotiations tosneak in parts of ACTA.

Public Citizen’s Global Trade Watch Director, Lori Wallach cautioned how U.S.-EU talks, “are aimed at eliminating a list of what multinational corporations call ‘trade irritants’ but the rest of us know as strong food safety, environmental and health safeguards.” She went on to say, “European firms are targeting aspects of the U.S. financial reregulation regime, our stronger drug and medical device safety and testing standards and more.” Wallach further added, “U.S. firms want Europe to gut their superior chemical regulation regime, their tougher food safety rules and labeling of genetically modified foods.”

In a press release, Earth Open Source warned that, “An EU-U.S. free trade deal would obliterate EU safeguards for health and the environment with regard to genetically modified (GM) crops and foods.” Research Director Claire Robinson pointed out, “If the new trade agreement goes through, it will be illegal under World Trade Organisation rules for the EU to have a stronger regulatory system for GMOs than the U.S. system.” This is disturbing considering that in many cases, GM foods in the U.S. do not require any special regulatory oversight or safety tests.

 

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