European Parliament approves trade deal with U.S.

STRASBOURG, France, July 8 (UPI) -- The European Union's parliament approved a significant trade deal with the United States Wednesday.

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.

Marlene Mizzi, representing Malta in the parliament, commented in a statement, "I think that this agreement, if and only if negotiated properly, could be of benefit to our economies and could open up new opportunities," she said.

"Having said that, however, EU needs to be extra cautious and to ensure that European values are properly defended in the talks and in the final agreement. Such values cover well-established precautionary principles, consumer protection, safeguarding EU food and healthy safety standards and high environmental standards, as well as providing strong protection of labor rights and of public services."