US-EU Free Trade Agreement Within Reach: Biden
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United States Vice-President Joe Biden said a free-trade zone between the US and Europe is gaining traction and could soon become a reality, after both sides of the Atlantic showed “lots of interest” in furthering deeper economic cooperation.
Speaking at the Munich Security Conference over the weekend, Biden called for a bolstering in transatlantic ties, dispelling rumours that the U.S. had moved its focus away from Europe.
United States Vice-President Joe Biden said a free-trade zone between the US and Europe is gaining traction and could soon become a reality, after both sides of the Atlantic showed “lots of interest” in furthering deeper economic cooperation.
Speaking at the Munich Security Conference over the weekend, Biden called for a bolstering in transatlantic ties, dispelling rumours that the U.S. had moved its focus away from Europe.
Stressing that the U.S. and Europe have been cooperating well on multiple fronts, Biden said the Europe remained its “closest allies” and added:
[quote] President Obama and I continue to believe that Europe is the cornerstone of our engagement with the rest of the world and is the catalyst for our global cooperation. It is that basic. Nothing has changed. [/quote]
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Both sides of the Atlantic have shown enthusiasm and interest in a trade deal that could encompass some 800 million people and unleash billions of dollars in transatlantic business, thus creating the world’s largest free-trade area.
It could also allow Europe and the United States to redefine the rules of global trade before China and India do, argue free-trade advocates.
The 27-nation European Union and the United States already account for nearly a third of world trade, but a banking and debt crisis in Europe and meagre American growth are pushing both sides to consider removing the final trade barriers.
“I personally wish for progress in EU-U.S. free trade negotiations. There are positive signs,” German Chancellor Angela Merkel said in a short statement before her talks with Biden.
Commenting on the latest development of Europe, Biden applauded measures taken by the European Central Bank to ease market tensions and called on policymakers to remain focused on jobs and growth. He said:
[quote] These may be fundamental European problems requiring European solutions, but the resolution has a tremendous impact on the United States of America and the global economy. [/quote]
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EU Trade Commissioner Karel De Gucht will travel to Washington this week to put the finishing touches to a joint EU-U.S. report in the clearest sign yet that the two sides, who account for half the world’s economic output, are ready to talk. De Gucht said in November that free trade talks with the US may begin this year and that an agreement could be possible in 2014.
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