- France’s biggest bank, BNP Paribas bank, is accused of breaking U.S. sanctions against Iran, Sudan and Cuba between 2002 and 2009, for which the US is preparing to impose imposes a record $10 billion fine on it.
- France has warned possible negative impacts on the EU-US Transatlantic Trade and Investment Partnership as the fine could destabilize the financial system, cut lending to business and impede economic recovery.
- The treaty is now under negotiations and aims at setting up the world’s largest free-trade and investment zone cover 820 million people and more than $1 trillion in annual trade.
- Read at: http://www.thehindu.com/todays-paper/tp-business/france-says-bnp-fine-could-hurt-euus-trade-deal/article6091160.ece
Exams Perspective:
- Transatlantic Trade and Investment Partnership (TTIP)
- WTO
- TTIP versus WTO