Transatlantic Trade Negotiations Underway

American and European Union officials have begun discussing a very ambitious trade deal that intends to leave no options off of the table. The idea, backed by President Obama, is to include as many options as possible in order to create a comprehensive deal that both sides can live with. Tariffs traditionally low between the EU and America have been slated to be discussed as well as regulatory standards held by both sides.

It is currently not clear as to whether or not the negotiations will clear a path for greater trade between the two sides. However the talks have created an interesting ripple effect on the world scale, as America and the EU currently account for $30 trillion in output, half the world total. If all current tariffs were to be removed and a large reduction in non-trade barriers, there could be a dramatic increase in annual exports for both sides.

The current target for an agreement is late 2014, which is putting pressure on Canada to finish it’s FTA Comprehensive and Economic negotiations with the EU by the end of 2013.

For more information please visit: http://en.wikipedia.org/wiki/Transatlantic_Free_Trade_Area