FYI
BBC News Business
13 February 2013 Last updated at 12:04 GMT
EU and US free-trade talks launched
The European Union and the US will begin formal talks on a free-trade
agreement, paving the way for the biggest trade deal in history.
European Commission President Jose Manuel Barroso made the joint announcement
following President Barack Obama's State of the Union address.
A deal would bring down trading barriers between the two biggest economies in
the world.
EU-US trade is worth around 455bn euros (£393bn; $613bn) a year.
Mr Obama announced US support for talks as part of his annual address to
Congress on Tuesday, saying a free-trade deal would "boost American exports,
support American jobs and level the playing field in the growing markets of
Asia".
In a joint statement, US and EU leaders said trade between the US and EU
already supported millions of jobs on both sides of the Atlantic.
"We are committed to making this relationship an even stronger driver of our
prosperity," the statement said.
It is not clear how long the talks will take, but similar trade deals have
involved years of negotiations.
EU Trade Commissioner Karel De Gucht said the deal would focus on bringing down
remaining tariffs and other barriers to trade, and standardise technical
regulations, standards and certifications.
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