STRASBOURG, France
The European Parliament on Wednesday agreed the terms for negotiation with the U.S. over the Transatlantic Trade and Investment Partnership.
The EU-U.S. deal aims to reduce regulatory barriers for multinational businesses to boost the U.S. and European economies.
The parliament said a deal must abide by EU standards, be overseen by a new legal system and be subject to democratic scrutiny.
Opponents say the deal, known as the TTIP, will limit national sovereignty and countries’ ability to hold corporations to account while supporters say reducing export costs will boost growth and employment.
"Unprecedented globalization is under way and our citizens and businesses are right in the middle of it," trade committee head Bernd Lange told a press conference in Strasbourg.
The next round of TTIP negotiations is scheduled for July 13.
