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U.S. President Barack Obama and European Union leaders will promise to remove all tariffs on bilateral trade at a summit on March 26, an ambitious step towards the world's largest free-trade deal, according to a draft statement seen by Reuters.
The joint declaration, if delivered as laid out in the draft, seeks to overcome tensions following Washington's offer to cut its duties by less than the Europeans had hoped for and after Brussels pledged to remove almost all of its own tariffs.
The summit will seek to give fresh momentum to tough talks on a transatlantic trade deal encompassing half the world's economic output in the hope that an accord can bring gains of around $100 billion a year for both sides.
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