EU trade negotiator Sefcovic is testifying to EU parliament and says:
- Trade talks continue remotely every day with the US
- Our priority is a negotiated solution with the US
- We made good progress on text of agreement in principle.
- Hope to reach satisfactory results in coming days
- While we remain committed to reaching satisfactory deal, a degree of rebalancing will remain.
- Our regulatory framework remains nonnegotiable
- Our diversification agenda remains priority.
- Commission is working to protect EU from trade diversion from other countries.
- EU unity remains absolutely crucial.
Some between the lines thoughts:
- Committed to reaching a satisfactory deals but rebalancing will remain. In other words, there will be some concessions, but don’t expect a EU victory.
- The regulatory framework remains nonnegotiable. OK but will they be pressured to not sue every US corporation? Trump criticized the EU suing every US corporation.
This article was written by Greg Michalowski at www.forexlive.com.