Trade Agreement May Help in Economic Recovery
Enhancingsustainable growth and jobs is a key priority for Europe. That's why EuropeanUnion leaders have agreed on a number of reforms to exit the economic crisis.
The United States and the European Union haverecently announced that they would start free trade negotiations, forming thelargest free trade zone in the world, and a future deal is expected to providea strong boost to the economies on both sides of the Atlantic.
According to officials, the Transatlantic Trade and InvestmentPartnership, announced in President Obama's State of the Union address, wouldbe the biggest bilateral trade deal ever negotiated. A transatlantic tradeagreement would impact Americans directly, affecting U.S. investments, jobprospects and even Americans' 401K.
It would tap into the large potential forthe U.S. and Europe to further strengthen their economic partnership to bringtheir economies back on track.
About half of theworld's GDP and almost a third of global trade flows come from the EU and the U.S.
U.S. businesses make farmore profits in Europe than anywhere else--over 20 times more than they havemade in China. The transatlantic economic relationship sustains close to 15million jobs. With trade between the U.S. and EU estimated at more than $3.5billion per day, many believe fostering this relationship is vital.