In his State of the Union address Tuesday, President Obama announced that the United States will launch trade negotiations with the European Union.
The U.S.-EU economic relationship is already the world’s largest, accounting for one third of total goods and services trade and nearly half of global economic output.
A partnership would boost economic growth by tackling costly “behind the border” non-tariff barriers that impede the flow of goods and services trade, significantly cut the cost of differences in regulation and standards, combat discriminatory barriers to trade and promote the global competitiveness of small- and medium-sized enterprises.
The president’s decision to launch Transatlantic Trade and Investment Partnership negotiations with the EU follows a detailed exploratory process that began in November 2011 U.S.-EU.
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