Brussels, 20/06/2012 (Agence Europe) - The European Commission and the US government have confirmed the momentum given to future negotiations for a free trade agreement between the EU and US.
In a meeting held on the sidelines of the G20 Summit in Los Cabos on 19 June, the president of the US, Barack Obama, and European leaders Herman Van Rompuy (European Council) and José Manuel Barroso (Commission), confirmed their support for deepening transatlantic trade relations. In a joint declaration they emphasised that, “there is more to be done” to extend the most extensive economic relationship in the world, which accounts for half of global economic production, is worth almost $1 trillion in goods and services and millions of jobs. They added that, “Particularly at this time, a bold initiative to expand trade and investment could make a significant contribution to our strategy to strengthen growth and create jobs”. Obama, Van Rompuy and Barroso received the Interim Report of the High Level Working Group on Jobs and Growth set up in 2011 and said: “We are encouraged by the Report's analysis of the benefits of an ambitious and comprehensive market opening arrangement for agricultural and manufactured goods, services and investment, the identification of ways to promote compatible regulatory approaches and tackle behind-the-border barriers, and possible approaches to intellectual property rights”. A “strong outcome” can enhance not only transatlantic economic ties, but also address shared market access challenges in third countries and encourage a forward-looking multilateral trade liberalisation agenda, said the European and US leaders, adding that they were urging the group, “to complete its work as quickly as possible”, including consultations with public and private stakeholders, in accordance with the respective processes of both sides, with the goal of reaching a recommendation later this year on a decision as to the negotiations. Trade Commissioner Karel De Gucht has on a number of occasions expressed a wish to start negotiations at the beginning of 2013 for a maximum period of 18 months. (EH/transl.fl)