United States and the European Union (By Sylodium, international trade directory)

The negotiations have barely begun for a potentially sweeping trade pact between the United States and Europe. But the lobbying is already well under way by corporations on both sides of the Atlantic. And the sometimes parochial nature of their demands is sure to further complicate the trade talks, which no one expects to proceed quickly or smoothly, given the geopolitics involved.

The deal, if an agreement is reached, would apply to nearly a billion people who live in the combined markets and make it easier for products to be traded between Europe and the United States, as they would presumably have to pass only one regulatory test instead of two. The negotiations could also become de facto global standards, given the size of the combined trans-Atlantic market. The United States and the European Union are already the world’s two largest trading partners, with $2.6 billion in goods and services exchanged daily, according to a European estimate.           

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