Hammond: If we don't act with TTIP, others will

In an interview on the BBC's Andrew Marr show, Foreign Secretary Philip Hammond talked about the trade negotiations between the European Union and the United States, known as Transatlantic Trade and Investment Partnership or TTIP.

"It's a hugely important opportunity for the EU and US," he said, "to set the standards for international trade for the future.

"Our share of global trade is declining. If we don't act now to set the standards for world trade, we will find that others are dominating and setting those standards."

Mr Hammond also spoke about the need for treaty trade in the EU and the situation in the Ukraine.