<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto"><div>Thanks Riaz, this is fascinating.<br><br>Sent from my iPad</div><div><br>On Feb 14, 2013, at 6:46 PM, Riaz K Tayob <<a href="mailto:riaz.tayob@gmail.com">riaz.tayob@gmail.com</a>> wrote:<br><br></div><blockquote type="cite"><div>
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Snip:<br>
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<p>The U.S. Chamber of Commerce, an early proponent of trade talks
with the EU, applauded the news and urged swift negotiation of a
high-standard pact.</p>
<span id="midArticle_13"></span>
<p>The U.S.-EU talks also are expected to tackle new areas, such
as setting rules to govern the free flow of information across
borders. That is an increasingly important priority for big U.S.
Internet companies like Google, Facebook and Amazon but could be
hard for EU members France and <a moz-do-not-send="true" href="http://www.reuters.com/places/germany" title="Full
coverage of Germany">Germany</a> to accept because of privacy
concerns.</p>
</span><br>
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<font size="4"><b>Obama calls for U.S. free trade pact with
European Union</b></font><br style="">
<br style="">
<a moz-do-not-send="true" style="" href="http://www.reuters.com/article/2013/02/13/us-obama-speech-trade-idUSBRE91C08620130213" target="_blank">http://www.reuters.com/article/2013/02/13/us-obama-speech-trade-idUSBRE91C08620130213</a><br style="">
<br style="">
By Doug Palmer<br style="">
<br style="">
WASHINGTON | <br>
<span id="articleText"><span class="focusParagraph">
<p>(Reuters) - President Barack Obama on Tuesday called for
talks on a far-reaching free trade agreement with the 27
nations of the European Union, throwing his weight behind
a deal that would encompass half the world's economic
output.</p>
</span><span id="midArticle_1"></span>
<p>"Tonight I am announcing that we will launch talks on a
comprehensive Transatlantic Trade and Investment Partnership
with the European Union because trade that is free and fair
across the Atlantic supports millions of good-paying
American jobs," Obama said in his annual State of the Union
speech.</p>
<span id="midArticle_2"></span>
<p>The United States and the EU already have the largest
economic relationship in the world, and one of the most
complicated. A pact would unite the United States, the
world's largest economy, with four other countries in the
top ten: Germany, <a moz-do-not-send="true" href="http://www.reuters.com/places/france" title="Full
coverage of France">France</a>, Britain and Italy.</p>
<span id="midArticle_3"></span>
<p>Faced with slow growth on both sides of the Atlantic and
rising competition from <a moz-do-not-send="true" href="http://www.reuters.com/places/china" title="Full
coverage of China">China</a> and other emerging economies,
the long-time allies in late 2011 began looking at ways to
build on their existing relationship.</p>
<span id="midArticle_4"></span>
<p>Last week, EU leaders endorsed trade talks with the United
States, putting it at the top of a larger agenda that
includes negotiations with Canada and <a moz-do-not-send="true" href="http://www.reuters.com/places/japan" title="Full
coverage of Japan">Japan</a>.</p>
<span id="midArticle_5"></span>
<p>Two-way goods trade between the United States and the EU
now totals more than $600 billion annually. Services trade,
including sales by majority-owned U.S. or EU companies in
each other's market, adds about $1.2 billion.</p>
<span id="midArticle_6"></span>
<p>U.S. companies have invested around $1.9 trillion in
production, distribution and other operations in the EU, far
more than in China or anywhere else in the world. EU
companies have invested about $1.6 trillion in the United
States.</p>
<span id="midArticle_7"></span>
<p>Since most tariffs between the United States and the EU are
already low, reducing regulatory barriers to trade in areas
like agriculture and chemicals is expected to be the most
challenging aspect of the talks.</p>
<span id="midArticle_8"></span>
<p>The EU recently lifted bans on imports of U.S. live swine
and beef washed with lactic acid to help build confidence
that it can address U.S. agricultural concerns.</p>
<span id="midArticle_9"></span>
<p>TOUGH NEGOTIATIONS</p>
<span id="midArticle_10"></span>
<p>Leaders of the Senate Finance Committee, in a letter to
U.S. Trade Representative Ron Kirk earlier on Tuesday,
welcomed those steps but said any agreement must also reduce
EU restrictions on genetically modified crops, poultry
treated with chlorine washes to kill pathogens and meat from
animals fed the growth stimulant ractopamine.</p>
<span id="midArticle_11"></span>
<p>"A strong, comprehensive trade and investment agreement
with the EU has the potential to create significant
good-paying jobs for Americans," but negotiations will be
tough, Representative Dave Camp, the Republican chairman of
the House of Representatives Ways and Means Committee, said
in a statement welcoming Obama's announcement.</p>
<span id="midArticle_12"></span>
<p>The U.S. Chamber of Commerce, an early proponent of trade
talks with the EU, applauded the news and urged swift
negotiation of a high-standard pact.</p>
<span id="midArticle_13"></span>
<p>The U.S.-EU talks also are expected to tackle new areas,
such as setting rules to govern the free flow of information
across borders. That is an increasingly important priority
for big U.S. Internet companies like Google, Facebook and
Amazon but could be hard for EU members France and <a moz-do-not-send="true" href="http://www.reuters.com/places/germany" title="Full
coverage of Germany">Germany</a> to accept because of
privacy concerns.</p>
<span id="midArticle_14"></span>
<p>
Meanwhile, the two sides are locked in a long-running battle
at the World Trade Organization over government support for
Boeing, the largest the U.S. exporter, and its European
rival, Airbus.</p>
<span id="midArticle_15"></span>
<p>That dispute threatens to erupt into a transatlantic trade
war in coming years unless the two sides can work out a
negotiated settlement.</p>
<span id="midArticle_0"></span>
<p>Obama also reaffirmed his commitment to talks with ten
countries in the Asia-Pacific region on a free trade pact
called the Trans-Pacific Partnership that negotiators hope
to finish this year after more than three years of
bargaining.</p>
<span id="midArticle_1"></span>
<p>Talks on the U.S.-EU accord are expected to begin by June.
A successful conclusion to both negotiations would secure
Obama's reputation as a free trade president after what
critics say was a slow start in his first term.</p>
<span id="midArticle_2"></span>
<p>Camp and the Senate Finance Committee leaders also said
they planned to push this year for renewal of "trade
promotion authority," a law that expired in 2007 that
allowed the White House to submit trade deals to Congress
for a straight yes-or-no vote without any amendments.</p>
<span id="midArticle_3"></span>
<p>That legislation has long been considered essential in
persuading other countries to put their best offers on the
table in trade talks with the United States.</p>
</span><br style="">
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