(MENAFN- Kuwait News Agency (KUNA)) EU and US officials ended a fourth round of negotiations in Brussels Friday on an EU-US trade and investment agreement (TTIP)
In the week-long talks the two sides explored ways to help SMEs (small and medium-sized enterprises) on both sides of the Atlantic
The EU and US also published today a document focusing on smaller firms, how they could benefit from the agreement, and how the two sides plan to help those firms do so
Speaking at a press conference after the talks, EU chief negotiator Ignacio Garcia Bercero, said discussions covered several sectors such as pharmaceuticals, cosmetics, medical devices, automotives and chemical sector
"I would like to highlight the progress that we have made this week on our common agenda of improving the business climate for SMEs. Smaller firms employ the vast majority of people in both the EU and the US. They account for two out of every three private sector jobs in the EU. And they're the backbone of our economies, accounting for 99 percent of all businesses in the EU," he said
On his part, Dan Mullaney, US chief negotiator, told the joint press conference that "as in previous rounds, negotiators spent a great deal of time this week seeking to advance our common goal of reducing or eliminating barriers to trade that arise from unnecessary divergences between the US and Europe
"Small businesses that engage in international trade grow faster, pay higher wages, add jobs more quickly than those that purely serve domestic markets. The joint document we are releasing today includes examples of SMEs of both sides that are already benefitting from EU-US trade and can expect even greater opportunities from a TTIP agreement," he stated
Mullaney said that a comprehensive and 21st-century trade and partnership agreement should include appropriate protections for investors on both sides of the Atlantic
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