The European Union and the US will begin formal
talks on a free-trade agreement, paving the way for the biggest trade
deal in history.
European Commission President Jose Manuel Barroso made the
joint announcement following President Barack Obama's State of the Union
address.
A deal would bring down trading barriers between the two biggest economies in the world.
EU-US trade is worth around 455bn euros (£393bn; $613bn) a year.
Mr Obama announced US support for talks as part of his annual
address to Congress on Tuesday, saying a free-trade deal would "boost
American exports, support American jobs and level the playing field in
the growing markets of Asia".
In a joint statement, US and EU leaders said trade between
the US and EU already supported millions of jobs on both sides of the
Atlantic.
"We are committed to making this relationship an even stronger driver of our prosperity," the statement said.
It is not clear how long the talks will take, but similar trade deals have involved years of negotiations.
EU Trade Commissioner Karel De Gucht said the deal would
focus on bringing down remaining tariffs and other barriers to trade,
and standardise technical regulations, standards and certifications.
Read more:
updatallnews
No comments:
Post a Comment