EU’s Mandelson opposes Merkel’s plan for transatlantic free trade zone
AFX News Limited
EU’s Mandelson opposes Merkel’s plan for transatlantic free trade zone
4 October 2006
FRANKFURT (AFX) - European Union Trade Commissioner Peter Mandelson voiced his opposition to plans by German Chancellor Angela Merkel to create a transatlantic free trade zone, reported the Handelsblatt.
’I know no EU country that supports this idea,’ Mandelson told the newspaper.
A free trade agreement between the EU and the US would not be well suited for taking care of the existing problems in transatlantic trade, he said.
In addition, the rest of the world would be appalled if the two strongest economic powers were to negotiate an exclusive trade agreement with each other, Madelson warned.
Last week, Merkel described the creation of a free trade zone between the two areas as a ’fascinating idea.’
The German government has said it will pursue the issue should the newest rounds of World Trade Organization negotiations over reductions in customs duties prove unproductive.
