News / France

France warns may reject EU-US trade deal

Tuesday, 03 May 2016 1:41 PM [ Last Update: Tuesday, 03 May 2016 1:39 PM ]

French President Francois Hollande delivers a speech during a conference in Paris, on May 3, 2016. (AFP photo)

French President Francois Hollande has warned that his country may reject a highly-anticipated trade deal between the United States and the European Union on the grounds that it lacks enough regulations and would undermine businesses in the EU countries.

“Never would we accept the undermining of the essential principles of our agriculture, our culture, of mutual access to public markets,” Hollande said on Tuesday, adding that France’s opposition to the Transatlantic Trade and Investment Partnership (TTIP) is because his country opposes “unregulated free trade.”

Hollande reiterated that France’s objection to TTIP would not be permanent as Paris does not like the way the negotiations are underway “at this stage”.

France's trade minister Matthias Fekl said earlier on Tuesday that Washington is too reluctant to give concessions in ongoing talks in New York, warning that the negotiations could grind to a halt.

Fekl, who is chief French trade negotiator in the talks, said the negotiations “are totally blocked” and that “In view of the United States' state of mind today, that seems to be the most likely option.”

He said the negotiations, which began in 2013, could not end without France, a leading EU member, being given its proper share.

"There cannot be an agreement without France, and much less against France,” said Fekl.

TTIP, a broad mechanism for scrapping tariff barriers to trade and investment between the US and 28 members of the EU, has been a major source of concern for many European citizens. Tens of thousands demonstrated two weeks ago in Germany against the proposed pact, saying it could seriously harm the existing ecological and labor market standards.

The EU and Washington want the deal finalized this year before US president Barack Obama leaves office. However, many in Europe continue to oppose the potential agreement, saying the EU should not hurry into a deal which could undermine the future of its 28 member nations.

The public suspicion over the deal has doubled given the secrecy surrounding the talks as many both in Europe and in the US urge more details of the TTIP to emerge. A referendum planned for June in Britain on whether or not the country would remain in the EU threatens the prospects of the trade pact as London plays a major role in the continental body’s financial structure.

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