US: despite Brexit, rationale for transatlantic trade pact ‘strong’

Washington (AFP) – The top US trade negotiator said Friday that Britain’s vote to break with the European Union would not lower the value of the TTIP transatlantic trade treaty under negotiation.

The vote, which could force Britain to completely renegotiate all of its trade agreements that have until now fallen under the European Union’s umbrella, threw into question negotiations on the Transatlantic Trade and Investment Partnership.

“The importance of trade and investment is indisputable in our relationships with both the European Union and the United Kingdom. The economic and strategic rationale for TTIP remains strong,” US Trade Representative Michael Froman told AFP.

“We are evaluating the impact of the United Kingdom’s decision on TTIP and look forward to continuing our engagement with the European Union and our relations with the United Kingdom.”

Talks on the ambitious pact, which would establish the world’s largest free-trade and investment area, have been underway for three years and both sides were pushing to resolve remaining issues by the end of this year.

The next round of negotiations was expected in July.