U.S.-EU free trade negotiations finally start

July 8
5:44 AM 2013

On Monday, the European Union and the United States started discussing about free-trade. Their negotiations intended to fix a free-trade agreement. This was hoped to mold new-economic progress out of the globe's biggest trade and investment relationship. The talks started after almost two years of groundwork.

Mike Froman, U.S. Trade Representative, told Reuters, "We go into these negotiations with the goal of achieving the broadest possible, most comprehensive agreement that we can."

President Barack Obama and European executives publicized a decision to pursue a revolutionary trade deal. However, due to reports about U.S. administration's surveillance of phone and Internet records, the talks were postponed.

Last year, the United States and the European Union were each other's leading trade and venture partners. Their two-way exchange earned more than US$646 billion.

The proposed Transatlantic Trade and Investment Partnership deal would cover around 50% of the world's economic output. It would also include 30% of global trade and 20% of universal foreign direct investment.

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