Germany calls for fresh talks over a free trade agreement between the EU and the US

Germany’s finance minister has referred to as for a renewed push on securing a trade deal between the European Union and the United States in mild of the invasion of Ukraine.

Christian Lindner has mentioned the EU ought to revive talks over a free trade agreement between the two sides after President Trump ended discussions over the creation of a Transatlantic Trade and Investment Partnership (TTIP) in 2016.

Mr Lindner instructed German newspaper Handelsblatt: “We should resume negotiation on a transatlantic free trade agreement. Especially now in the [Ukraine] crisis, it is becoming clear how important free trade is with partners around the world who share our values.”

Mr Lindner’s intervention comes as US President Joe Biden prepares to journey to an summit with Nato leaders in Brussels later this month. European leaders will meet with Mr Biden to debate the conflict in Ukraine. Leaders will talk about safety and defence issues, in addition to how you can present help to the refugees fleeing Ukraine.

The US and the EU, which collectively account for practically half of worldwide GDP and virtually a third of world trade, launched negotiations on the TTIP at the G8 summit in 2013. Discussions ended shortly after Donald Trump was elected in 2016, nevertheless, earlier than the former president subsequently launched a trade conflict with the EU.

In 2018, he enforced tariffs on EU aluminium and metal on the grounds of nationwide safety, and threatened to hit automobile exports with a 20pc tariff. The EU responded by putting tariffs on a vary of merchandise together with orange juice, and vodka. 

Both have since agreed to finish the trade dispute in October 2021, with European President Ursual von der Leyen describing it as an “important milestone” in worldwide relations.

She mentioned: “Defusing one more supply of pressure in the transatlantic trade partnership will assist industries on either side. This is a crucial milestone for our renewed, forward-looking agenda with the US.” The US has since axed duties on EU metal.

Britain was unnoticed of the agreement, as a consequence of Brexit. International Trade Secretary Anne-Marie Tervelyan has launched negotiations geared toward scrapping the 25pc duties. The UK and the US final week introduced they might reboot efforts over a free trade deal. Trevelyan and her US counterpart Katherine Tai will meet this week and later in the Spring to hash out plans for extra bilateral trade and funding.

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