Thu, 20 Mar, 2014 12:02:54 AM EU-USA Free trade agreement discussed in parliament Free trade will boost economic growth, create employment: Stubb FTimes-STT Report, March 20  Foreign Trade minister Alexander Stubb spoke in the parliament on EU-USA free trade on Wednesday.Photo – Lehtikuva. Most lawmakers from both treasury and opposition on Wednesday supported the Transatlantic Trade and Investment Partnership (TTIP), a free trade agreement between the European Union and United States of America.
The leaders said in parliament the agreement would ease trade between the regions, although a lawmaker from Vasemmistoliitto (Left Alliance), one of the ruling parties, raised concerns over some specific issues.
Minister for European Affairs and Foreign Trade Alexander Stubb assured that the agreement would support growth and employment.
Stubb allayed fears about fallouts saying negotiations would not compromise consumer protection and food safety.
True Finns leader Timo Soini addressed in the parliament on Wednesday. Photo – Lehtikuva. According to Stubb, removal of trade barriers and information exchange were the issues at stake.
The TTIP would also help the EU companies to gain better access to the US market as well as eliminate customs duties. It would also ensure that small and medium sized industries got fair chances to compete in the US market.
He reminded parliament that the US was currently the second largest market to Finland after Russia.
Timo Soini, chief of opposition Persusuomalaiset (Finns Party), said the agreement was crucial for Finland. “The agreement will protect investors and investments from unfair trade and exclusion,” he said.
However, Annika Lapintie of Vasemmistoliitto expressed concerns over investment protection and the dangers arising out of claims for damages against the state.
The United States and the EU initiated negotiation in mid-2013 for the agreement that would cover one half of the world’s gross national product. The negotiations aim at a wide-ranging and reciprocal liberalisation of trade going beyond WTO commitments.
File Photo of Annika Lapintie. Photo – Lehtikuva. Special emphasis was on improving market access of small- and medium-sized enterprises. The agreement consists of three entities: market access; regulatory issues and non-tariff barriers; and global rules.
For Finland, key issues include enhanced market access in trade in goods, services and public procurement; facilitation of customs procedures; and reduction of technical barriers.
In terms of public procurement, the most promising areas of growth are considered to be the information and communication sector, products and services related to energy and environmental competence, health sector, and the infrastructure sector.
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