The European Union decides to resume ratification of the trade agreement with the United States
Brussels, March 17, 2017 – The European Union decided to resume the ratification process of the trade agreement with the United States, opening the way for the final approval of this long-awaited agreement.
Bernd Lange, Chairman of the International Trade Committee in the European Parliament and responsible for negotiations on the file, announced that the committee will vote on Thursday on the draft agreement before referring it to the plenary session for final approval during this month or next April.
He stressed that “there is a broad majority in favor of the settlement, which represents a real European signal,” despite the recent trade tensions between Brussels and Washington.
The decision comes after lawmakers added a clause linking the entry into force of the agreement to the United States’ full commitment to its provisions, at a time when Washington has opened new investigations into the trade union’s practices, which may lead to the imposition of additional customs duties.
Last July, the European Union and the United States reached an agreement under which Brussels would cancel customs duties on American industrial products, in exchange for a 15% ceiling on its industrial exports to the American market, in a move that the European Commission considered a way to avoid a broad trade dispute and ensure American commitments in the field of European security, especially with regard to Ukraine.
It is expected that the ratification of the agreement will contribute to calming trans-Atlantic relations, which have witnessed escalating tensions over the past months due to the threats of US President Donald Trump and the continuing disagreements over trade policies, while the European Commission warned that it would respond “firmly and proportionately” if Washington does not respect its obligations under the agreement.
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