With growth going down on both sides of the Atlantic and competition from China and emerging countries rising, the European Union and the United States have almost secretly been discussing for years the possibility of a cross-Atlantic market in 2015. Once the talks are over, the EU-US deal reached will be the biggest two-party trade agreement ever signed. In a joint declaration, US President Barack Obama, European Commission President José Manuel Barroso, and European Council President Herman Van Rompuy pointed out that these negotiations would give the US and the EU the opportunity not only to expand trade and investment across the Atlantic, but also to contribute to the development of global rules that can strengthen the multilateral trading system. The EU is hoping to launch these talks by the end of June, which should go on for 18-36 months. By then, the 27 Member States will have to agree on the negotiating mandate they will give EU Trade Commissioner Karel De Gucht, in a context where national interests – on issues like the protection of personal data or even aviation – are so different. (Ref. 130322)
Aim of the agreement. The two zones already have relatively low customs barrier for transatlantic trade, but the agreement aims to go further than the traditional approach (meaning removing duty and opening markets to investments, services and public markets). The point would mostly be to harmonize regulations, notably in terms of environment and health, and to open their markets to businesses set up on the other side of the Atlantic, e.g. in transportation. Besides, the Transatlantic Trade
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