Vietnam, which is becoming a huge competition for many economies, has already signed a trade pact with the EU. A 2018 paper by economists at KU Leuven estimated that a “deep” free trade agreement such as TTIP between the US and the European Union would increase EU GDP by 1.3% and US GDP by 0.7%. [73] These benefits would result mainly from the removal of non-tariff barriers. [73] A draft of the TTIP Sustainability section was forwarded to The Guardian in October 2015. Asked about a comment on the document, a French environmental lawyer described the proposed environmental protection measures as “virtually non-existent” compared to investor protection and that environmental cases accounted for 60% of the 127 ISDS cases already opened against EU countries over the past two decades under bilateral trade agreements, according to Friends of the Earth Europe. [105] According to Joseph E. Stiglitz, TTIP could have a “deterrent” effect on regulation and thus “undermine the urgent climate measures required by the Paris Agreement.” He says industries that don`t bear the “social costs” of pollution receive hidden subsidies and that TTIP would give companies much more opportunities to sue governments for environmental protection mechanisms. [106] In general, trade agreements, including the agreement with the Association of Southeast Asian Nations (Asean), have not worked in India`s favor, but experts felt that New Delhi should not only cooperate with other countries to boost trade, but also be heard in the international community. Foreign Minister Harsh Shringla`s seven-day trip to Europe a few weeks ago is seen as an important development in this direction.

On Thursday, the first India-Luxembourg summit was held by videoconference between Prime Minister Narendra Modi and his counterpart, Xavier Bettel, the former of whom stressed the need to develop trade and economic cooperation between India and the EU. • Eu trade and investment is estimated at 6.7 million jobs in the United States. “I think it`s very unlikely that the U.S. and the EU will negotiate a free trade agreement in the near future, regardless of the administration,” said Marjorie Chorlins, senior vice president for European affairs at the U.S. Chamber of Commerce. “No negotiations on the FTA are currently underway and the Biden team has not indicated that this will be on its list of priorities.”• Removal of tariffs on transatlantic trade in goods; Few people can access the documents called “consolidated texts”, the drafts contain the latest results of the negotiations. . . .