US and EU create "economic NATO"

US and EU create "economic NATO"

Not all the EU countries have equally optimistic attitude towards the idea of a free trade area creation with the United States.


The EU summit decided to finalize the FTA with the US by the end of 2015, which has already been called the "economic NATO". This was announced on the final declaration of the EU summit.


The document talks about strengthening necessary procedures for finalizing an agreement to create a multilateral trading system, known as Transatlantic Trade and Investment Partnership (TTIP).


Not all the EU countries equally look at the importance of TTIP, a number of farmer organizations in several EU countries have already expressed their disapproval of the idea. EU trade unions fear an acceleration of the EU's decentralization process and growing unemployment because of the work places reduction.


Read more: Ukraine and EU agree to complete negotiations on visa-free regime by May 2015

Economists have also expressed very negative views on the "economic NATO", they think that only the stronger US economy will benefit from the FTA.


The budget of the United States, which was signed on December 16 by Barack Obama, was a record high. The expenditure side of the budget in 2015 will be 1.1 trillion dollars.







Bookmark/Search this post with