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Impending Free Trade Agreement Between the U.S. and European Union Would Be the Biggest Ever

An announcement by European Commission President Jose Manuel Barroso suggests that the U.S. and European Union member nations are in talks for a free trade agreement, giving way to the biggest trade deal in history, reported the BBC.

The U.S. and European Union are the two largest economies in the world. Current trade between the two is worth $613 billion (455 billion euros) annually.

The Barroso announcement comes after President Barack Obama indicated support for expanding trade deals in his State of the Union address on Tuesday.

"We are committed to making this relationship an even stronger driver of our prosperity," said leaders from both sides of the Atlantic in a joint statement. A European Union estimate says a new trade deal with the U.S. could lift annual GDP growth by 0.5 percent

 

Follow Alex Biles on Twitter at @disorderorder

Posted-In: President Barack ObamaNews Politics Global Economics General Best of Benzinga

 

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