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America to Open Trade Talks with European Union
The U.S. and the European Union have agreed to start negotiations in June on a free-trade pact between the world's largest trading partners.
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The U.S. and the European Union have agreed to start negotiations in June on a free-trade pact between the world's largest trading partners.
America and 27-country EU currently exchange about $613 billion in goods and services per year about one-third of global activity. European officials say an agreement could take two years.
The participants' goals include eliminating tariffs and standardizing regulations and labor rules. EU authorities say they hope a trans-Atlantic treaty would pressure Japan and other large developed countries to adopt similar standards. Analysts say the western partners also aim to fortify their position against the Chinese trade juggernaut.
Potential stumbling blocks in EU-U.S. bargaining are illustrated by similar talks between Canada and the EU. The parties are close to an trade deal but have yet to resolve such issues as Europe's openness to Canadian autos and beef and Canada's acceptance of EU patent regulations.
America will enter EU negotiations as it continues to participate in 11-nation talks about a Trans-Pacific Partnership.
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