US Trade Representative Michael Froman has said the US still values the planned Transatlantic Trade and Investment Partnership with the EU, despite the UK referendum vote to leave the bloc.
“The importance of trade and investment is indisputable in our relationships with both the European Union and the United Kingdom. The economic and strategic rationale for TTIP remains strong,” Froman said.
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Froman added the US was “evaluating the impact of the United Kingdom’s decision on TTIP” and looked forward to continuing its “engagement with the European Union and our relations with the United Kingdom.”
In Brussels, just-food asked the European Commission whether a TTIP deal would temporarily include the UK if the agreement was struck before the country left the EU. A trade spokesperson said: “All these questions will be looked into in due course.”
The US and EU preparing for the 14th round of TTIP negotiations, which are due to start during July in Brussels.
Other EU officials have said they wanted to agree consolidated texts at that meeting, which highlighted the final sticking points regarding regulatory cooperation. The goal is to give negotiators the change of striking a final deal before US President Barack Obama leaves office next January,but it is not known whether the UK referendum vote to quit the EU will slow that progress.
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By GlobalDataA pledge by the EU to prioritise free trade talks with the US and other countries, made within the European Council’s February offer of special treatment for the UK – the deal secured by Prime Minister David Cameron – now does not stand.
Should the UK go ahead with its plans to leave the EU, any TTIP deal agreed would cease to apply to the UK within two years of the country invoking Article 50 of the Treaty on European Union, the formal procedure for quitting the bloc.
