(Worthy News) - The European Union's parliament approved a significant trade deal with the United States Wednesday, UPI reported.
The European Parliament gave initial backing to the Transatlantic Trade and Investment Partnership (TIP), which would create the world's largest free trade zone. The vote came with reservations, including demands the agreement will not allow large corporations to sue governments in secretive courts, and for transparency in investor-state disputes, among others.
The parliament members attached over 100 amendments to the deal, whose final document must be approved by the European Parliament. It could go into effect in 2016. The European Commission estimated the agreement could be worth 120 billion Euros ($132.6 billion), equal to one-half of one percent of the European Union's gross domestic product, by 2027. [ Source ]
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