The European Union’s (EU) top trade official says negotiations with the U.S. on what would become the world’s largest free trade agreement should be concluded before the end of next year.
Richard Bruton, the current chair of the Trade Council of Ministers wants talks to start in June. “I’m delighted to say real progress towards achieving an agreement among Ministers has been made at this Trade Informal in Dublin. This agreement is a crucial part in the process of starting negotiations on a new EU-US Trade and Investment Partnership Agreement,” he stated in an official release April 18.
Commissioner Karel de Gucht told reporters after a meeting of the 27-nation bloc’s trade ministers in Dublin that the talks with Washington should be concluded by October 2014, when the term of the European Commission ends and a month before U.S. holds midterm elections.
Experts say the agreement would foster growth and jobs by lowering tariffs and removing other trade barriers for most industries between the two economic giants, which together account for almost half of the world economy.
The EU stated the agreement could add around 400,000 jobs and boost growth by 0.5 percent on an annual basis. Other areas that will be liberalized include investment markets as well as services and public procurement.
The negotiations are expected to be difficult, not least because of disagreements over the agricultural sector.
