EU and US Free-Trade Talks Launched
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.
- » Le Point: Mariya Gabriel is One of the Most Actively Working Commissioners
- » Informal Meeting of EU Foreign Ministers Starts Today in Sofia
- » German Politician Opposed the Accession of Bulgaria to Schengen
- » The Website of the Bulgarian Presidency is Translated Automatically into 24 Languages
- » An Informal Meeting of Tourism Ministers From the European Union will be Held Today in Sofia
- » Maria Gabriel: There is no Reason For not Accepting Bulgaria in Schengen