EU and U.S. set to sign 'biggest trade deal'

  • British Prime Minister David Cameron announced plans on Monday for what he described as "the biggest bilateral trade deal in history" between the European Union and the United States.

    Cameron said the deal would be worth billions of dollars, adding that formal negotiations would soon begin.

    The announcement was made ahead of the G8 summit in Northern Ireland.

    US President Barack Obama said the first round of negotiations would be held in Washington next month and likely to conclude by the end of 2014.

    The deal is expected to contribute $157 billion to the EU economy, $125 billion to the United States and $134 billion to the rest of the world.

    In addition, two million jobs are likely to be created.

    Tagged as: trade deal by EU and US, EU and US to sign trade deal, bilateral trade deal EU and US