G-7 Leaders Put Weight Behind Quick Conclusion to TPP, TTIP Talks
The industrial countries that make up the G-7 pledged on June 8 to “immediately accelerate” Transatlantic Trade and Investment Partnership talks with the “goal of finalizing understandings on the outline of an agreement as soon as possible, preferably by the end of this year." The G-7 is comprised of the U.S., Canada, France, Germany, Italy, Japan and the United Kingdom. Germany hosted the summit in Schloss Elmau and a joint statement (here) said the next G-7 summit will be held in Japan in 2016.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
The leaders also vowed to wrap up Trans-Pacific Partnership negotiations “as soon as possible.” The U.S. and G-7 European countries are party to TTIP talks, while the U.S., Japan and Canada are involved in TPP negotiations. Trade Promotion Authority legislation moving now through Congress has a six-year lifespan, indicating the law could be used to implement both pending pacts.
The World Trade Organization Trade Facilitation Agreement remains a critical focus for G-7 countries, as well, said the leaders. They called on the WTO to reach the two-thirds ratification threshold among WTO countries, the minimum level needed to implement the TFA, by the December WTO ministerial in Kenya. The U.S. has pushed that goal for months, and WTO leadership backs that timeline (see 1506040013). “We also call for swift agreement by July of a WTO post-Bali work program that secures a prompt conclusion and balanced outcome of the Doha Round,” said the statement.
WTO Doha talks have floundered over the past nearly 15 years. The Doha agenda involves multilateral agreement on trade remedy rules, market access and development, among other areas of negotiations (here). WTO Director-General Roberto Azevêdo praised the commitment from G-7 leaders, but said WTO members need to act quickly to reach consensus. “While good engagement has been evident from WTO members over recent months, I am becoming increasingly worried about the current pace of progress, especially in the key areas of agriculture, industrial products and services," said Azevêdo in a statement. "Political will and leadership will be essential here — and the time to take the big political calls is rapidly approaching.”