Negotiations have now commenced between the United States and the European Union on the Trans-Atlantic Trade and Investment Partnership (TTIP), potentially the largest regional free trade agreement in history.
If successful, it would cover more than 40 percent of global GDP and account for large shares of world trade and foreign direct investment.
The U.S. and EU have set an ambitious goal of completing negotiations by the end of 2014. Historically most trade agreements have taken much longer to complete.