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| US Sec.of State Mrs Clinton and Mrs. Ashton, EU Foreign Affairs and Security Policy Commissioner |
Together, the bloc and the United States account for about half the world's economic output and nearly a third of world trade. But a debt crisis in Europe and elusive American growth are pushing both sides to consider knocking down the final barriers to trade.
A deal could increase economic output by 122 billion euros ($158 billion) a year for Europe alone and add 0.52 percent to the EU's gross domestic product in the long term, according to European Commission estimates, benefiting industries ranging from chemicals to automakers.
An expert group co-chaired by EU Trade Commissioner Karel De Gucht and U.S. Trade Representative Ron Kirk will in December issue a report recommending pursuing talks, EU and U.S. officials say. They do not expect the outcome of the U.S. November 6 presidential election to influence discussions, though the campaign limits their ability to speak publicly about it.
"The report will recommend the negotiation of a comprehensive agreement between the United States and the European Union," said a senior EU official who declined to be named, echoing other European diplomats and members of the European parliament interviewed by Reuters.
U.S. officials in Washington told Reuters that talks would go ahead, but that there would be no announcement until after the election.
EU-U.S. commercial links are unrivaled. Transatlantic trade in goods and services is worth $700 billion a year.
Total U.S. annual investment in the European Union is higher than in all of Asia, while EU investment in the United States far outstrips EU investment in India and China combined.
Read more: EU, U.S. to negotiate free-trade deal from spring 2013: officials | Reuters
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