“The election of Joe Biden as US President is also the chance to dare a new attempt at a transatlantic TTIP agreement between Europe and the USA,” Oettinger told the “Handelsblatt” (Tuesday edition). Joe Biden is a clear supporter of multilateralism and global networks.
"He will again make the USA a partner in matters of cosmopolitanism, trade and investment protection". The background to Oettinger's advance is the agreement between China and 14 other states to form the largest free trade area in the world. Oettinger now wants to counterbalance Beijing's new dominance with an agreement between the USA and Europe. "The new free trade zone is a bang, which could become the leading market in the world," said Oettinger. There is a risk that the standards and norms for products and services will be set in Asia in the future. Above all, the new agreement shows the strategic failure and slowness of US President Donald Trump with his protectionist strategy. “Unfortunately, however, we are also seeing Europe's speechlessness, although we are pursuing a multilateral approach,” said Oettinger.