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EU to Start Free-Trade Talks with U.S.
The U.S. and EU have agreed to open negotiations in June on a free-trade pact between the world's largest trading partners.
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The U.S. and EU have agreed to open negotiations in June on a free-trade pact between the world's largest trading partners.
The U.S. and 27-country EU currently exchange about €455 billion in goods and services per year about one-third of global activity.
European officials say it could take two years to reach an agreement. Goals include eliminating tariffs and standardizing regulations and labor rules.
EU authorities say they hope a trans-Atlantic treaty would pressure Japan and 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.
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