US and EU flags
The US and the EU launch bilateral trade talks to strengthen transatlantic economic ties. It is estimated that a deepening of the trading relationship between the two could result in new business deals worth billions of Euros. According to the European Commission, a new trade deal between the US and the EU could increase the economic output of the EU by €122 billion a year. The transatlantic trading relationship is the largest in the world. It accounts for about half of the global economic output and for almost a third of world trade.