Bridging the Pacific: The Americas’ New Economic Frontier?

Please join us at the Atlantic Council in Washington tomorrow morning from 8:30 to 10:30 a.m. for the launch of our new report examining opportunities to expand commerce between the United States, Latin America, and the Asia-Pacific via an ambitious and robust Trans-Pacific Partnership agreement.
Speakers will include Congressman Charles Boustany (R-LA), Congressman Gregory Meeks (D-NY), Deputy US Trade Representative Wendy Cutler, and many other experts from the public and private sector.
For more information on the speakers and to register for the event, click here. 
Not in DC? – Find the link to the live stream here. 

Speeches and Official Announcements

Statement by US Trade Representative Michael Froman at the Close of the Sixth Round of Transatlantic Trade and Investment Partnership Negotiations
Ambassador Froman discussed the conclusion of the sixth round of TTIP, and re-emphasized that that US and EU negotiators worked productively to identify future paths in the negotiations and had made tangible progress over the course of the last week.
Read his full statement here.

Latest Round of Talks on Transatlantic Trade Pact Ends in Brussels
EU Chief TTIP Negotiator, Ignacio Garcia Bercero, spoke at a press conference at the conclusion of last week’s sixth round of negotiations. He was joined by his American counterpart, Dan Mullaney. Bercero emphasized that most of the work that week had been highly technical, in order to prepare the ground for the political decisions to come to determine TTIP’s ultimate comprehensiveness.
Read Bercero’s opening statement in full here.
To watch the entire press conference, click here.

Asselborn and Kerry Discuss TTIP
Luxembourg Foreign Affairs Minister Jean Asselborn visited Washington to discuss transatlantic relations and the need for both US and European government to better communicate the benefits of TTIP to ensure its public support. The meeting allowed Secretary of State Kerry and Minister Asselborn to examine the relationship between the two countries, and recent events in Ukraine and Israel, among others. (Luxembourger Wort)

TTIP will not Include Financial Services, Says US Ambassador
US Ambassador to the EU, Anthony Gardner, has said that Brussels should stop pushing to include financial services in the negotiations. Gardner has explained that there will be a chapter on financial market access in TTIP, but that the existing financial markets regulatory dialogue between the two partners works well and has already delivered results. (EurActiv)

Wyden Calls for Strengthened American Manufacturing through Updated Trade Policy
Senate Finance Committee Chairman Ron Wyden, has said that US trade policy must be upgraded to support American manufacturing and make US employers more competitive in the 21st century global economy. Modern trade policies should dismantle trade barriers, and foster a conducive environment for competitiveness and growth.
Chairman Wyden’s opening statement is available here.
To watch the entire hearing, and for more information about the witnesses click here.

News

Spain’s Export-Led Recovery Loses Momentum as May Data Show Fall
Spain seems to finally be turning a corner; unemployment is falling and the stock market has grown, as growth forecasts are revised upwards. However, amid the good news, some analysts are warning that Spain’s export-led recovery is showing signs of losing momentum in exports. (Financial Times)

South Africa Warns of Cracks in Landmark Bali Trade Agreement
South Africa has warned that the concerns of developing countries are being sidelined in Geneva, and has added to fears that India and some African states may block implementation of the Bali agreement. While the Bali agreement marked the first time in the WTO’s history that the ministers concluded a deal, many developing states have concerns over the terms of the agreement and their ability to properly implement it in the time agreed. (Financial Times)

US Envoy gets on his Bike to Back Trade Deal
Mark Brzezinski, the US Ambassador to Sweden, pedaled into Stockholm after completing a multi-day “T-TRIP” across the country to promote the US-EU free trade agreement. Throughout his trip, Ambassador Brzezinski underlined that Sweden can benefit from TTIP in many ways, due to the large number of SMEs in the country. (The Local)

EU and US Mull Digital Economy Chapter in TTIP
EU and US negotiators will discuss whether to devote a chapter of TTIP to the digital economy, similar to decisions made on SMEs. Both the EU and the US are open to the idea of a digital chapter, should there by enough evidence to warrant it, as the European Commission sees the digital economy as part of the solution to sluggish growth and high unemployment. (EurActiv)

Punke Says US will Seek EU Market Access for GI Products in TTIP
Deputy US Trade Representative Punke made clear that the US, in trade negotiations, is seeking not only to fend off EU demands that the US afford greater protection of geographical indications for food names, but also wants to secure more European market access for American export products that are already protected. (Inside Trade)

Recent Analysis

Global Economy needs US Engagement: Column
In his column, Rep. Jim Moran, a Virginia Democrat and a founding member of the House New Democrat Coalition, stresses the importance of both trade agreements, TTIP and TPP, as they are not only a win-win solution for both American workers and corporations, but are also the only solutions that match the pace of globalization and increasing competition. For him, America finds itself at a crossroads–a choice between setting the rules of the game, or following the rules of others. That’s why he plans to work with a broad coalition to pass Trade Promotion Authority this year. (USA Today)

The Reality of Precaution
A new report entitled, “The Reality of Precaution”, published by the Jacques Delors Institute, compares risk regulation in the US and Europe. It addresses the claim that European standards are always stricter than the US due to the use of the precautionary principle, and comes to the conclusion that these claims are mainly based on stereotypes. In fact, the study shows that in the aggregate, there has been little overall transatlantic difference in recent decades. The findings of the study counter the argument that the precautionary principle is the source for transatlantic discord in TTIP negotiations. (Notre Europe)

Threats to the Future of Cloud Computing: Surveillance and Transatlantic Trade
This blog entry by the Brookings Institute stresses the importance of setting clear codes of conduct for data protection and cloud computing for the conclusion of TTIP. The recent NSA revelations have only increased existing transatlantic divergences in privacy policy. In order to preserve the free flow of data between the US and the EU, which boosts both economies, a comprehensive data privacy arrangement that both sides of the Atlantic can agree to is a prerequisite for agreeing to TTIP. (Brookings)

EU’s Trade Strategy on Food favors the Few at the Expense of the Many
In his article, Allen F. Johnson, former Chief Agricultural Negotiator at USTR critically accesses the TTIP debate on Geographical Indications. Johnson claims that European producers overstretch the use of these protections in an attempt to eliminate competition, which ultimately leads to a state of “food colonialism.” With his article, he aims to raise awareness for the majority of farmers who suffer under the debate of a small minority-a debate tactic that stalls negotiations and hinders economic growth on both sides of the Atlantic. (EurActiv)

Calling Time on TTIP
According to Emma Woodford, interim Secretary General of the European Public Health Alliance (EPHA), TTIP negotiations find themselves at a crossroads. Either they could focus primarily on private investments, which could entail grave long-term consequences, or they choose the path of inclusive and sustainable growth, which takes the well-being of consumers into account. Only if TTIP considers consumer protection, social, environmental and public health interests as equally important to business concerns, will the agreement truly be measured as a success.(EurActiv)

Collateral Damage: US Spy Scandals endanger the World’s largest Trade Deal
My Atlantic Council colleague Robert Gramer writes in The Hill to address the impact of the recent US spying scandal and its potential consequences for both German-US relations and the TTIP negotiations. US officials need to recognize that the scandal is not “just another scandal,” but could actually mark a tipping point in TTIP negotiations. The latest allegations have not only enraged German politicians, but also the German society at large. The scandal–if not resolved in a timely and appropriate manner–will make it close to impossible for the German political elite to sell a transatlantic trade deal based on trust to the German public. (The Hill)

Upcoming Events

Bridging the Pacific: The Americas’ New Economic Frontier? – July 23 in Washington with Deputy USTR Wendy Cutler and Congressmen Boustany (R-LA) and Meeks (D-NY); hosted by the Atlantic Council – More Information

TTIP Advisory Group Meeting – July 24 in Brussels; hosted by the European Commission – More Information

Crafting Economic Policy at State – July 29 in Washington hosted by CSIS in Washington with Catherine Novelli, US Under Secretary of State for Economic Growth, Energy, and the Environment – More information forthcoming