The Transatlantic Trade and Investment Partnership negotiations aim to remove trade barriers in a wide range of economic sectors so as to make it easier to buy and sell goods and services between the EU and the US.
Discussions to date have focused on processes for regulating cosmetics ingredients (UV filters and colourants), labelling provisions, cosmetics standards/guidelines and alternatives to animal testing.
These meetings have also helped to further clarify each side's respective positions and gave impetus for increased technical collaboration and scientific exchanges in areas of common interest.
However, trade experts are still wary that the EU and US may struggle on an agreement, particularly in the area of prohibited ingredients.
EU wide deal needs German chancellor's approval
The EU trade commissioner made his way to Berlin on Monday to try to bring unity amongst the skeptics who believe certain sectors should not be opened to the full force of the market.
“The role of Europe in the world is diminishing economically. If we want to be able to defend the values and standards that we treasure, we need to find allies,” said Malmstrom.
“Even if we have our disagreements with the U.S., working together to set standards if it comes to child labor, climate, regulatory standards, we have the possibility to set them and for them to be globally valid. Because if we don’t set them. Someone else will.”
Not even talks at the highest level earlier in February could narrow the gap.
While it is an EU-wide deal, it needs the German chancellor Angela Merkel’s approval.
According to cctv-america.com, the deal may add up to half a percentage point to the European Union’s GDP every year. The problem seems to be getting Europe’s politicians to speak with one voice, if they don’t do so soon, the American election campaign will be ramping up and the deal could be put on the back-burner.