International markets: Germany to reject EU-Canada trade deal
Deal widely seen as a template for a bigger agreement with the United States
BERLIN:
Germany is to reject a multi-billion free trade deal between the European Union and Canada which is widely seen as a template for a bigger agreement with the United States, a leading German paper reported on Saturday. Citing diplomats in Brussels, the Sueddeutsche Zeitung reported that Berlin objects to clauses outlining the legal protection offered to firms investing in the 28-member bloc. Critics say they could allow investors to stop or reverse laws. The German government could not sign the agreement with Canada as it has been negotiated now. It also said that the clauses in the Canada deal were similar to those in the US agreement which is still under negotiation. If the deal with Canada is rejected then the one with the United States is also dead, added the official.
Published in The Express Tribune, July 27th, 2014.
Germany is to reject a multi-billion free trade deal between the European Union and Canada which is widely seen as a template for a bigger agreement with the United States, a leading German paper reported on Saturday. Citing diplomats in Brussels, the Sueddeutsche Zeitung reported that Berlin objects to clauses outlining the legal protection offered to firms investing in the 28-member bloc. Critics say they could allow investors to stop or reverse laws. The German government could not sign the agreement with Canada as it has been negotiated now. It also said that the clauses in the Canada deal were similar to those in the US agreement which is still under negotiation. If the deal with Canada is rejected then the one with the United States is also dead, added the official.
Published in The Express Tribune, July 27th, 2014.