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TTIP: Barack Obama says trade deal should be signed by the 'end of the year' | |
(about 4 hours later) | |
US President Barack Obama has said that the controversial Trans-Atlantic Trade and Investment Partnership should be signed "by the end of the year". | US President Barack Obama has said that the controversial Trans-Atlantic Trade and Investment Partnership should be signed "by the end of the year". |
During a visit to an industrial trade fair in Hannover on Sunday, Obama warned that TTIP must be signed before it is derailed by political events, in what was likely a reference to the US election. | During a visit to an industrial trade fair in Hannover on Sunday, Obama warned that TTIP must be signed before it is derailed by political events, in what was likely a reference to the US election. |
“We’ve now been negotiating TTIP for three years. We have made important progress. But time is not on our side,” Obama said in the speech. | “We’ve now been negotiating TTIP for three years. We have made important progress. But time is not on our side,” Obama said in the speech. |
“If we don’t complete negotiations this year, then upcoming political transitions — in the United States and Europe — could mean this agreement won’t be finished for quite some time.” | “If we don’t complete negotiations this year, then upcoming political transitions — in the United States and Europe — could mean this agreement won’t be finished for quite some time.” |
TTIP is the biggest transatlantic trade deal in history. Opponents say it would give corporations the power to sue governments when they pass regulation that could hit that corporation's profits. | TTIP is the biggest transatlantic trade deal in history. Opponents say it would give corporations the power to sue governments when they pass regulation that could hit that corporation's profits. |
United Nations figures have shown that that US companies have made billions of dollars by suing other governments nearly 130 times in the past 15 years under similar free-trade agreements. | United Nations figures have shown that that US companies have made billions of dollars by suing other governments nearly 130 times in the past 15 years under similar free-trade agreements. |
Details of the cases are often secret, but notorious precedents include the tobacco giant Philip Morris suing Australia and Uruguay for putting health warnings on cigarette packets. | Details of the cases are often secret, but notorious precedents include the tobacco giant Philip Morris suing Australia and Uruguay for putting health warnings on cigarette packets. |
Obama has described national laws and protections as “regulatory and bureaucratic irritants and blockages to trade.” | Obama has described national laws and protections as “regulatory and bureaucratic irritants and blockages to trade.” |
In Hanover, he used a speech alongside the German Chancellor Angela Merkel to make a renewed push for the treaty to be signed. | In Hanover, he used a speech alongside the German Chancellor Angela Merkel to make a renewed push for the treaty to be signed. |
“Angela and I agree that the United States and the European Union need to keep moving forward with the Transatlantic Trade and Investment Partnership negotiations,” he said. | “Angela and I agree that the United States and the European Union need to keep moving forward with the Transatlantic Trade and Investment Partnership negotiations,” he said. |
“I don't anticipate that we will be able to have completed ratification of a deal by the end of the year, but I do anticipate that we can have completed the agreement.” | “I don't anticipate that we will be able to have completed ratification of a deal by the end of the year, but I do anticipate that we can have completed the agreement.” |
Tens of thousands of protesters turned out to demonstrate against TTIP ahead of Obama’s visit. | Tens of thousands of protesters turned out to demonstrate against TTIP ahead of Obama’s visit. |
Trade unions, consumer protection groups and environmentalists said they drew a crowd of 90,000 people to demonstrate on the streets of Hannover on Saturday, although local police claim it was closer to 30,000. | Trade unions, consumer protection groups and environmentalists said they drew a crowd of 90,000 people to demonstrate on the streets of Hannover on Saturday, although local police claim it was closer to 30,000. |
Merkel insisted TTIP would not override citizens' rights or interests. In a video statement on Saturday, she described TTIP as a "win-win situation" that "could set global standards" by creating a free trade area unlike any before it. | Merkel insisted TTIP would not override citizens' rights or interests. In a video statement on Saturday, she described TTIP as a "win-win situation" that "could set global standards" by creating a free trade area unlike any before it. |
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