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Why TPP, TTIP failures would be so damaging for Washington

It will not only be a setback for the Obama administration, it would also undermine the US ambition of building regional and global institutions to extend its influence internationally.

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The highly controversial TTIP between the United States and the EU would create a combined economic bloc accounting for around 50 per cent of global gross domestic product, which would represent the largest regional free trade and investment agreement in history.

US TRADE representative Michael Froman will meet key EU officials in Brussels on Wednesday and Thursday, including Trade commissioner Cecila Malmström. The talks are aimed at rejuvenating the controversial, stalling Transatlantic Trade and Investment Partnership (TTIP) between the United States