A comprehensive trade agreement between the United States of America (US) and the EU may not be concluded by the end of the year, as some disagreements remain between the two economic blocs, a senior European official has warned.
"We cannot rule out the possibility that we will need more time," said Latvian Foreign Minister Edgars Rinkeviks, whose country currently holds the EU presidency.
After the meeting of trade ministers in Riga, he said that there is a will, but that it may take more time, reports SEEbiz.
"It is not an agreement for the sake of agreement. That agreement must be good," Rinkevics said.
Negotiations on the Transatlantic Trade and Investment Partnership (TTIP) began in July 2013, but are progressing more slowly than expected.
Proponents say TTIP will significantly increase economic growth and job creation, while critics fear it will reduce consumer protections and allow companies to block laws they don't like.
EU officials called for the agreement negotiations to be concluded by the end of the year. There are fears that this process will slow down due to the upcoming US presidential elections next year.
The European Commissioner for Trade, Cecilia Malmstrom, said that the goal is to conclude an agreement with the administration of US President Barack Obama.
"It should be a good deal, not a quick deal. If we manage to harmonize that, no one will be happier than us," said Malmstrom.
She added that there are still many "difficulties" left, while Rinkevics spoke about "some issues on which there is disagreement".
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