The transatlantic trade agreement should not contain an ISDS and several parties are calling for ISDS to be excluded from TTIP. The umbrella organisation, which represents local authorities across Europe, the Council of European Municipalities and Regions, has publicly stated that they consider the ISDS system unnecessary, as such disputes can be resolved with existing legal systems. The European Union and the United States are currently negotiating a crucial trade agreement that will help create hundreds of thousands of jobs and inject billions of euros into economies on both sides of the Atlantic. Depending on the areas of action covered in the final agreement, the 28 individual national parliaments of EU member states could also be required to approve the agreement. The new President of the European Commission, Jean-Claude Juncker, told the European Parliament at the presentation of his framework programme in July: “The Commission will negotiate a reasonable and balanced trade agreement with the United States, in a spirit of mutual and reciprocal benefits and transparency.” He promised not to “sacrifice European standards for safety, health, social protection and data protection, nor our cultural diversity on the altar of free trade.” The draft EU text on trade and sustainable development was also sent to the Guardian in July 2016. [108] The Project of 23 June 2016, described as “restricted”, reveals new gaps in the G20`s commitment to phase out inefficient fossil fuel subsidies by 2025. The IMF estimates these subsidies at $10 million per minute worldwide[109] and G7 ministers meeting in Japan promised to eliminate them in May 2016. [110] However, the project states that “this end of supply may take into account security of supply.” [108] The Guardian believes that this passage could be open to abuse and will be used to slow the exit of subsidies. With regard to TTIP, a broader “transatlantic free trade area” has been adopted. [By whom?] [Citation required] On the U.S.

side, other members of the North American Free Trade Area (Canada and Mexico) could be part of it; and, on the European side, members of the European Free Trade Association (Iceland, Norway, Switzerland and Liechtenstein). Mexico has already concluded a free trade agreement with EFTA and the EU, while Canada has a free trade agreement with EFTA and negotiated a free trade agreement with the EU. These agreements may need to be harmonised with the EU-US agreement and could constitute a wider free trade area. The 2019 transatlantic report by the US Chamber of Commerce and the US Chamber of Commerce to the EU demonstrates the strength of the transatlantic economy, but also warns that the accumulated tensions between the US and Europe are testing the resilience of the world`s largest bilateral trade relations. “The business roundtable has been a former supporter of negotiations between the US and the EU, because we believe that a relaunched transatlantic partnership will bring real economic value. Negotiations should be launched as soon as possible this year to remove barriers to trade and investment and to develop regulatory cooperation across the Atlantic. On 15 April, the European Council approved the resumption of negotiations with the United States for a transatlantic trade agreement.