[Asia Economy Reporter Park Byung-hee] German Finance Minister Christian Lindner said that the United States and the European Union (EU) should resume negotiations on the Transatlantic Trade and Investment Partnership (TTIP), according to the German economic media Handelsblatt on the 20th (local time).
In an interview with Handelsblatt, Finance Minister Lindner stated, "The crisis in Ukraine clearly shows how important free trade is with allied countries that share our values," and said that the US and the EU need a new free trade agreement (FTA).
The EU and the US began the first round of negotiations in July 2013 to conclude TTIP, including an FTA between both sides of the Atlantic, but the Obama administration failed to reach an agreement due to differing positions on key issues. Subsequently, President Donald Trump halted the TTIP negotiations.
However, with President Joe Biden emphasizing cooperation with allies since his inauguration in January last year, conditions for resuming TTIP negotiations are being established. Over the past few years, opinions among EU member states have been divided regarding the resumption of TTIP talks. Nevertheless, as Russia's invasion of Ukraine is expected to significantly reduce trade with Russia in the future, voices calling for increased trade with the US may grow stronger in Europe.
Regarding Minister Lindner's remarks, the US Embassy in Berlin issued a statement saying, "The Ukraine crisis shows that the US, Germany, and the EU are indispensable allies." It also added that the current US-EU Trade and Technology Council supports global economic growth.
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