ENNISKILLEN, N IRELAND
The United States and the European Union launched negotiations for the world's most ambitious free trade deal on Monday, promising thousands of new jobs and accelerated growth on both sides of the Atlantic.
Trade between Europe and the United States is worth nearly $ 3 billion per day and a pact both the EU and the US economies by more than 100 billion dollars a year per piece-an attractive prospect after the devastating effects of the debt crisis in Europe could step up.
"This is a once in a generation price and we are determined to seize," said the British Prime Minister David Cameron and US President Barack Obama, flanked by the Presidents of the European Commission and the European Council.
The first round of negotiations will take place in Washington in July, Obama said, speaking at the Group of eight Summit near the Northern Ireland town Enniskillen. First considered three decades ago but precipitated by France in the 1990s, the idea of an EU-US free trade deal gathered momentum as Brussels and Washington look at the growth and the rise of China are prompted deeper of Western integration.
The United States and the European Commission, the executive body of the European Union of 27 countries, hoping for a free trade deal by the end of 2014-a tight deadline in complex international trade negotiations that usually take many years.
The European Union and the United States already accounts for about half of the world's economic output and nearly a third of world trade, and the last barriers to the market can unleash billions of dollars in the transatlantic business.
But France threatened to block the start of proceedings, until the 26 other EU Governments on Friday accepted its request to shield movies and online entertainment of the power of Hollywood and Silicon Valley.
That Paris kept on board, but officials of the EU and the us have said that the scope of comprehensive deal with the exclusion of any sector of the threatening calls and could limit the economic benefits.
Obama hinted at that in his comments. "It's important that we have the right and that means resist the temptation to shrink our ambitions or avoid difficult problems just for the sake of getting a deal," he said.
The London-based Centre for Economic Policy Research estimates a pact known as the trans-Atlantic trade and investment partnership-the EU economy could increase by 119 billion euro ($ 159 billion) per year, and the u.s. economy by 95 billion euros.
However, a report commissioned by Germany the nonprofit Bertelsmann Foundation and published on Monday, said the United States more than Europe can benefit from it. A deal could increase GDP per capita in the United States by 13 percent in the long run, but by only 5 percent average for the European Union, the study found.
Companies on both sides want an agreement in which a car tested for safety in the United States would not need to be tested again in Europe, and a drug deemed safe by Brussels should not also be approved by the u.s. Government.
After the collapse of global trade negotiations in 2008, both the United States and Europe have aimed at so many free trade agreements as possible and Brussels only negotiates with more than 80 countries.