As European officials gathered in Washington Tuesday for the second day of negotiations over the Transatlantic Free Trade Agreement (TAFTA), critics sounded the alarm over corporate gifts, “dangerous deregulation,” and a “bleak” outlook for citizens on both sides of the Atlantic.
Many warn that because existing tariffs between the partners already run low, at roughly three percent, the talks will largely focus on eliminating regulatory barriers.
“The [US Trade Representative’s] office, representing corporate interests, will almost surely push for the lowest common standard,” writes Nobel-winning economist Joseph Stiglitz.
Ahead of the talks, over 60 pro-regulation groups from both sides of the Atlantic issued a letter to President Obama, European Commission President José Manuel Barroso and European Council President Herman Van Rompuy, stating their opposition to the “use of behind-closed-door” tactics to “change and lower public interest measures for the sake of commercial interests.” They continue:
The groups said they fear the talks would yield “harmonized” regulations that defer to whichever of the trading partners has the lowest standards in a number of areas including drug safety, food safety, privacy, workers’ rights and the environment.
“The likelihood that what emerges from the coming talks will serve ordinary Americans’ interests is low. The outlook for ordinary citizens in other countries is even bleaker.” -economist Joseph Stiglitz
With the US generally undercutting the EU’s restrictions on food and chemicals, environmentalists warn that this may potentially open the door to the expansion of harmful practices such as the planting of genetically modified (GM) seeds.
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