Forging a transatlantic trade deal4 min read 25 Feb 2013, 06:50 PM IST
Trade liberalization between the US and EU may kickstart the next round of free trade in the world
One of the most important announcements made by President Barack Obama in the first state of the union address in his second term was the launching of negotiations on a comprehensive Transatlantic Trade and Investment Partnership (TTIP) with the European Union (EU). The decision taken by the two largest economic entities to launch the TTIP negotiations marks the political endorsement of the transatlantic partnership, which has been developing for the past several years. Its projected benefits through a deepening of the US-EU relationship aside, TTIP could have a much wider impact: it could fundamentally change the dynamics of economic partnerships that are being forged both at the multilateral and regional levels.