EU and US Free-Trade Talks Launched

Politics » BULGARIA IN EU | February 13, 2013, Wednesday // 17:33
Bulgaria: EU and US Free-Trade Talks Launched European Commission President Jose Manuel Barroso is seen at the start of the European Economic and Social Committee (EESC) plenary session, in Brussels, Belgium, 13 February 2013. Photo by EPA/BGNES

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 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 EUR 455 B a year.

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 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.

The EU estimates that a "comprehensive and ambitious agreement" will boost annual GDP growth by 0.5%.

It is not clear how long the talks will take, but similar trade deals have involved years of negotiations.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Bulgaria in EU » Be a reporter: Write and send your article
Tags: agreement, free-trade, US, European Union, EU

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria