World Economy

EC Advisor Supports TTIP

EC Advisor Supports TTIP  EC Advisor Supports TTIP

The EU-US economic agreement will set future world standards, says Hristo Hristov, advisor to the European Commission representation in Bulgaria.

Addressing a conference in the second biggest Bulgarian city of Plovdiv, he said, many opponents of the Transatlantic Trade and Investment Partnership, speak how signing the agreement will lead to flooding into Bulgaria of genetically modified products, omitting the fact that there is a European directive that regulates the cultivation and sale of GMOs in Europe, Focus Information Agency reported.

“Shale gas is another threat that opponents see in the agreement. Again here shale gas is not a commodity, but something whose extraction each member state decides how to regulate itself. Within the European Union there are countries that have chosen not to extract shale gas,” Hristov said.

In his words, one of the aspects about the agreement, which has given rise to great concern among the European public is the so-called investor’s protection.

“The European Union made a formal proposal to the United States for the creation of so-called International Investment Court, thus eliminating one of the main problems of the current system, where so-called arbitrators were usually international lawyers. This will be avoided by appointing permanent judges in this court,” the adviser said.

“The positive effect on the European economy from the agreement with the US will amount to about €119 billion ($129.5 billion) per year”, Hristov, said.

According to him, this makes about €545 per household. “No one can promise that each household will receive this money, even more when it comes to indirect effect. The positive effect on the US economy is estimated at around €85 billion per year. This is a situation where both parties would benefit,” Hristov added.

Regarding the effects of the TTIP, the adviser said it would lead to facilitation of all procedures, which would help small and medium enterprises, which are the largest employers in Europe.

“Especially for Bulgaria, the country’s direct export to the US is not great, but the balance is positive in bilateral trade,” Hristov concluded.