LEAK: U.S. Refuses to Consider Regulation of Financial Services in TTIP Negotiations

Financial services will remain off the negotiating table in the next round of talks over the Transatlantic Trade and Investment Partnership (TTIP), according to a leaked draft of the European Union’s first offer to the US on trade in services and investment.

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An attached note to member states, not for US eyes, said, “The draft TTIP offer does not contain any commitments on financial services. Given the firm US opposition to include regulatory cooperation on financial services in TTIP, it is considered appropriate not to include any commitments on financial services in the EU’s market access offer at this stage.

“The situation may change in the future if the US shows willingness to engage solidly on regulatory cooperation.”

That seems unlikely. The inclusion or otherwise of financial services in the free trade agreement negotiations is a major point of disagreement between the US and the EU. While the EU insists financial services should be included in any deal, the US Treasury has argued firmly against working with the Europeans to regulate their financial sector.

Much more:

http://www.euractiv.com/sections/euro-finance/financial-services-table-next-round-ttip-talks-302808