TAFTA – The Transatlantic Free Trade Agreement | Trade Samaritan

TAFTA – The Transatlantic Free Trade Agreement

The Transatlantic Free Trade Agreement (TAFTA) intends to create world’s largest free trade area between the United States and the European Union.

TAFTA once established between the two largest economies in the world will be the biggest trade block in the world, even bigger than NAFTA – North American Free Trade Agreement which is established between the U.S., Mexico and Canada.

Goals

  • To eliminate unnecessary regulatory barriers
  • To reduce the trade regulations to the lowest common denominator
  • Protect investment between U.S and European Union

The U.S. wants EU to reduce their regulations on agricultural and meat products related to genetically modified crops, hormone treated and chemically treated meat products. It is stated that E.U has imposed certain prohibitions on U.S manufactured agricultural and meat products on account of excessive usage of chemicals, meat literally rinsed in chemicals.

Transatlantic block is under negotiation however is already facing criticism mostly from EU; trade activists, environmentalist, trade unions and consumer watchdogs as it is expected to adversely impact the food and environmental standards of EU.

TAFTA was under discussion in the 1990s and again in 2007. In 2013 TAFTA once again showed some signs of life as “The United States-European Union High Level Working Group on Jobs and Growth” recommended the start of negotiations on the Transatlantic Trade and Investment Partnership.

TAFTA will not go down easily amongst Europeans especially France, as the French farmers and the general population is not in the favor of scientifically enhanced food products. On the other side, market consolidation brings with it tremendous benefits such as job opportunities, transparency, cheaper products, medicines and diversity.

References

Public citizen
Global Research

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