MOSCOW (Sputnik) — The United Kingdom will not back the EU-US Transatlantic Trade and Investment Partnership trade agreement (TTIP) or any other deal, which promotes deregulation and privatization trends in the European economy, UK Shadow Chancellor John McDonnell said Monday.
"There will be no more support for TTIP or any other trade deal that promotes deregulation and privatization, here or across Europe. And we'll make sure any future government has the power to intervene in our economy in the interests of the whole country," McDonnell said at a Labor Party conference.
The TTIP seeks to establish a free trade zone between the United States and Europe. The US government started discussions on the draft deal with the European Union in 2013. The details of the TTIP, including specific rules of market access, have not been released to the public.
In late June, EU Trade Commissioner Cecilia Malmstrom said that the United Kingdom would continue to be included in the negotiations for the US-EU TTIP trade agreement despite the outcome of the referendum to leave the European Union.
