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On Monday at the G8 Summit in Lough Erne, Northern Ireland, leaders of the European Union and the United States launched negotiations for a sweeping EU-U.S. trade and investment pact. The first round of talks will take place in Washington, D.C., in July.
The Transatlantic Trade and Investment Partnership (TTIP) will increase trade and investment between the EU and United States, unleashing the untapped potential of a truly transatlantic market place. The agreement is expected to create jobs and growth by delivering better market access, achieving greater regulatory compatibility, and paving the way for setting global standards.
Ambassador João Vale de Almeida, Head of the EU Delegation to the United States, welcomed the news in a video statement: “The launching of negotiations for a transatlantic free trade area is great news for Europe and the United States,” he said. “We will be creating by far the biggest free trade area in the world. An economic space of more than 800 million consumers – Americans and Europeans.”
“We will enhance the business opportunities for our companies, provide better deals for our consumers, and in doing so, we will promote growth and job creation across the Atlantic. So this is a good day. Negotiations will certainly be difficult – there are lots of complex issues we need to address. But at the end of the day, I think we will be making a major contribution to bringing our economies into a faster pace of growth and providing more jobs for our citizens.”