EU: Brexit Has No Impact On US, Canada Deals

The EU remains committed to free trade deals it is pursuing with the US and Canada, irrespective of Britain's decision to leave the bloc, Trade Commissioner Cecilia Malmstrom said Monday.

    Negotiations on the agreements face headwinds, amid criticism from anti-establishment forces on both sides of the Atlantic. With Britain - a key proponent of free trade - now on course to leave the EU, the deals on the table may come under new scrutiny.

    "In this unprecedented situation, let me stress that we are clear and united in our response with regard to EU trade policy," Malmstrom said in a statement. "Our negotiations with key partners will continue," the commissioner added, pointing in particular to talks with the US on the so-called Transatlantic Trade and Investment Partnership (TTIP). 

    The EU and the US have conducted TTIP negotiations for almost three years. Once finalized, it would create the world's largest free trade area, with around 800 million people. Proponents say it would boost growth and jobs, but critics worry about watered-down consumer protections.

    The deal with Canada, meanwhile, was agreed in principle in October 2013 and is the largest such accord ever pursued by Ottawa. It now needs to be approved by EU governments and the European Parliament, as well as their colleagues in Canada. The European Commission will soon present a proposal for its ratification, Malmstrom said. 

Source : QNA