In the News July 8, 2013

Eric Shimp Quoted in Law360

Eric Shimp, policy advisor in the firm’s International Trade & Regulatory Group, was quoted in a Law360 article titled “Obama Stance on Financial Regs Could Bedevil U.S.-EU Talks.”

The article discussed the administration’s refusal to put financial regulations on the table in the trade negotiations with the European Union and, even as the administration’s stance heartens financial reform, it could possibly expose a rift that could bog down the free trade talks.

Shimp said he doesn't think it's likely that a major delay in the TTIP negotiations would follow the recent spying allegations. But he also suggested that discussions on data privacy issues would be affected and, in particular, Europe may be able to use its concerns to its advantage in the TTIP talks.

“Certainly, EU negotiators at some level will look at these incidents as a source of potential leverage to press a more aggressive agenda on data privacy and security,” Shimp said.

There's also a “negotiation security aspect to this,” he added, explaining that trade negotiators in the EU might try to seek assurances that their internal discussions about the TTIP aren't being monitored by U.S. intelligence agencies. Still, Shimp said he doesn't expect trade negotiations between the U.S. and EU to be too hampered, in part because both sides stand to benefit significantly from a completed deal.

“Broadly speaking, both economies have a lot to gain from the negotiation and that will, at the end of the day, come through,” he said.
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