The third round of negotiations between the European Union and the United States for a Transatlantic Trade and Investment Partnership began on Dec. 16.
Lord Livingston, the UK's minister for trade and investment, said the speed at which the free trade negotiations were proceeding showed a real commitment from both parties.
“As far as trade negotiations go, a launch and three negotiating rounds in seven months is operating at breakneck speed, reflecting the deal's ambitious two-year timescale and its strong political and business backing,” he said
“But let's be clear. An E.U.-U.S. deal is the biggest prize of them all. It has the potential to be the biggest free trade agreement ever, and will make exporting cheaper and easier for businesses of all sizes and regions on both sides of the Atlantic.”
Trade between the U.S. and the E.U. accounts for about 30 percent of world trade. A successful deal could add as much as €12 billion to the U.K. economy each year and €120 billion to the E.U., he explained.