A transatlantic trade agreement between the United States and European Union is "politically dead", MEP Alfred Sant said this morning.
Speaking at a discussion on the Transatlantic Trade and Investment Partnership agreement, Dr Sant said opposition to the treaty ran deep.
He pointed to a report published in January by the American Chamber in Malta which found that Malta would be the country to benefit least from this agreement.
A European Commission study also put Malta at the bottom of the list of TTIP beneficiaries, although it painted the country's situation in a slightly better light.
The TTIP is arguably the most controversial trade deal ever negotiated by the EU, with critics finding fault in negotiators' secrecy, proposed provisions which would allow corporations to sue countries and its environmental safeguards, among others.
TTIP proponents say the agreement would liberalise one-third of global trade and create millions of jobs. According to the European Commission, the TTIP would boost the EU's economy by €120 billion and the US economy by €90 billion.
David Sammut, who is international economics relations director at the Finance Ministry, said that the government was "more positive on the substance of [TTIP] negotiations", adding that the ministry was not “convinced that the AM-Cham study reflects the reality".
In a video message, MEP Roberta Metsola spoke of the need to have the right agreement in place.
“I am acutely aware of voices who claim that TTIP is dead in the water. It would be premature for Malta to take a stand now; I know Maltese businesses have a track record of resilience,” she said.
International trade law expert Eliza Patterson expressed confidence that the TTIP would be pushed through, despite both US presidential candidates Hillary Clinton and Donald Trump making protectionist noises while on the campaign trail.
Dr Patterson said she believed the elected candidate would eventually come out in favour of the TTIP, and that pending issues were not be negotiation killers.
Discussion moderator Stefano Mallia noted that apart from the US presidential election, events in other TTIP partner countries, such as next year's French presidential elections, could also influence the negotiations' outcome.
MEUSAC Head Vanni Xuereb said that the US-EU relationship was vital on both political and economic levels, and that both sides needed to find a way to crystallise the relationship in a manner that was advantageous to both sides.
The discussion was jointly organised by MEUSAC and the US Embassy. US Ambassador Kathleen Hill said that the US remained fully committed to the TTIP and looked forward to concluding an agreement.