Speaking during a news conference at the 15th Asia-Pacific Conference of German Business in Hong Kong, German Vice Chancellor and Economy and Energy Minister Sigmar Gabriel said that it would be better to sign the global free trade agreement under the auspices of the World Trade Organization (WTO).
According to Gabriel, a growing number of bilateral trade deals could lead to varying standards and rules. However, this can be avoided if discussions in the WTO are restarted, even if the parties are negotiating comprehensive bilateral agreements.
As long as the global trade agreement is not signed, Gabriel said it is crucial that the trade deals also include social, climate and consumer standards, not only lower tariffs.
The EU and Canada signed the Comprehensive Economic and Trade Agreement (CETA) on October 30. The agreement will come into force after ratification of 28 member states of the European Union and the EU Parliament.
Politicians claim that CETA is a dress rehearsal for TTIP, a trade agreement to be negotiated between the European Union and the United States.
