Germany's economy
minister warned on Saturday against overblowi expectations for an
economic boost from a trade deal between the United States and European
Union but said the pact was needed to set high common standards for
consumers.
The European Commission is trying to finalize a deal on the Transatlantic Trade and Investment Partnership (TTIP), which some experts say could generate $100 billion a year in additional economic output on both sides of the Atlantic.
It would eliminate all tariff barriers between the United States and EU members, which together account for almost half the global economy.
"I don't believe in the wondrous calculations for economic growth from (the trade deal) TTIP," said Sigmar Gabriel, also chairman of Germany's Social Democrats (SPD) which shares power with Chancellor Angela Merkel's conservatives.
"All the estimates about its impact ... give an impression of voodoo economics," Gabriel told Focus weekly
Read more: German economy minister plays down boost from EU-U.S. trade deal: magazine | Reuters
The European Commission is trying to finalize a deal on the Transatlantic Trade and Investment Partnership (TTIP), which some experts say could generate $100 billion a year in additional economic output on both sides of the Atlantic.
It would eliminate all tariff barriers between the United States and EU members, which together account for almost half the global economy.
"I don't believe in the wondrous calculations for economic growth from (the trade deal) TTIP," said Sigmar Gabriel, also chairman of Germany's Social Democrats (SPD) which shares power with Chancellor Angela Merkel's conservatives.
"All the estimates about its impact ... give an impression of voodoo economics," Gabriel told Focus weekly
Read more: German economy minister plays down boost from EU-U.S. trade deal: magazine | Reuters
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