US, EU trade talks cancelled due to shutdown
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US, EU trade talks cancelled due to shutdown

Last Updated: Saturday, October 05, 2013, 14:30
 
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US, EU trade talks cancelled due to shutdown
Washington: The second round of negotiations in the Transatlantic Trade and Investment Partnership (TTIP) was cancelled due to the US federal government shutdown, said the Obama Administration Friday in a statement.

According to the statement, US Trade Representative Michael Froman called European Union Trade Commissioner Karel De Gucht Friday, saying regrettably the ongoing government shutdown will prevent him from proceeding with the negotiations for the TTIP in Brussels, Belgium next week, Xinhua reported.

"Financial and staffing constraints related to the shutdown make it impossible to send a full team of negotiators," said Froman. He also noted that he will work with his European counterpart to craft an alternative work plan that can begin once the shutdown ends.

The US federal government has been partially shut down since Tuesday morning due to a political stalemate in Congress over funding for the new fiscal year, putting over 800,000 federal workers on furlough.

Froman also stressed that the TTIP remained a major economic priority for the US. Once completed, it would be the world's biggest free-trade deal.

Accordingly, De Gucht said in a statement that all negotiation sessions planned from Oct 7-11 were cancelled but it "in no way distracts us from our overall aim of achieving an ambitious trade and investment deal."

IANS



First Published: Saturday, October 05, 2013, 14:25


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