sustainable growth and jobs is a key priority for Europe. That's why European
Union leaders have agreed on a number of reforms to exit the economic crisis.
The United States and the European Union have
recently announced that they would start free trade negotiations, forming the
largest free trade zone in the world, and a future deal is expected to provide
a strong boost to the economies on both sides of the Atlantic.
According to officials, the Transatlantic Trade and Investment
Partnership, announced in President Obama's State of the Union address, would
be the biggest bilateral trade deal ever negotiated. A transatlantic trade
agreement would impact Americans directly, affecting U.S. investments, job
prospects and even Americans' 401K.
It would tap into the large potential for
the U.S. and Europe to further strengthen their economic partnership to bring
their economies back on track.
About half of the
world's GDP and almost a third of global trade flows come from the EU and the U.S.
U.S. businesses make far
more profits in Europe than anywhere else—over 20 times more than they have
made in China. The transatlantic economic relationship sustains close to 15
million jobs. With trade between the U.S. and EU estimated at more than $3.5
billion per day, many believe fostering this relationship is vital.