German Chancellor dissatisfied by the possible disruption of trade agreements
German Chancellor Angela Merkel on Wednesday expressed dissatisfaction with the intentions of the elected President of the USA of Donald trump to withdraw from the Transpacific trade partnership.
Although Merkel did not mention trump’s name, she said that “not happy” with a possible disruption of trade agreements, noting that future agreements will not be as successful.
“To be honest, I’m not happy that the TRANS-Pacific trade partnership could not become a reality. I don’t know who it will be profitable, she said. I know one thing: there will be other trade agreements, but they will not have those standards that have with this agreement and the TTIP”, added Merkel, referring to the planned TRANS-Pacific trade and investment partnership.
Published on Monday, video trump said that on the first day of his presidency will come from the TPP, which he described as “potential catastrophe.” Trump also said he wants to renegotiate the agreement with Canada and Mexico about the North American free trade area.
President Obama actively supported the TTP.
“I believe that the rejection of its implementation will undermine our position across the region,” said Obama at the recent APEC summit in Peru.
The final version of the TPP was signed earlier this year by the leaders of the 12 countries at the conference in New Zealand, however, the agreement will not take effect until the document is not ratified by the six countries that account for 80 percent of total GDP.
The US accounts for about 60 percent of the total GDP of the parties to the agreement, in connection with its ratification impossible without the support of Washington.