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VIENNA, May 24 (Xinhua) -- The current negotiations between the EU and the United States over the Transatlantic Trade and Investment Partnership (TTIP) will still take some time to reach a conclusion, an Austrian expert said Friday.
Barbara Tasch-Ronner, foreign trade expert from the Austrian Federal Economic Chambers, said the negotiations were still in the early stages, Friday marking the last day of the fifth series of talks, Kurier newspaper reported.
At the beginning of negotiations in June 2013 both sides were optimistic the free trade agreement could be sealed in 2014, though various issues such as investor protection, consumer and health protection, and defense markets are believed to be sticking points.
Tasch-Ronner said as a small economy Austria had a lot to gain from the TTIP, with the U.S. already the country's third-largest trade partner. Exports to the U.S. totaled 9.6 billion U.S. dollars in 2013, and imports 5.8 billion dollars, with the agreement expected to create more jobs and economic growth, she added.
A number of parties have criticized the negotiations however, such as NGOs and opposition parties, who have said the talks are not transparent enough. Tasch-Ronner dismissed the complaints however, saying it would not be a wise strategy for the EU to make its negotiation points immediately available.
Source: Xinhua