A look at the pros and cons of a potential EU-US free trade agreement.

Breaking down trade barriers?

https://api.multimedia.europarl.europa.eu/documents/20125/16227954/n001-130226-001-en.srt

The biggest trade deal ever  could finally be on the cards.

Both the US and the EU  are keen to start negotiations

on a Transatlantic Trade  and Investment Partnership.

The EU and the US have the largest  economic relationship in the world.

Two-way trade totals  600 billion euros annually.

A lot of hype and enthusiasm  surrounds this potential FTA.

But what will it mean for the way in which  we do business with other countries?

And how will it affect European citizens?

For the MEP who wrote the report, with  the failure of WTO multilateral trade talks,

the impetus to drive forward negotiations  with the US is now bigger than ever.

The positive externalities  of this agreement will be

to reassert the leadership  of the Union and the US

when it comes to rule-making,  standard-setting.

The removal of trade barriers could raise  Europe’s GDP by 190 billion euros.

It would also lead to the creation  of jobs and big investment.

But any trade deal with the US  needs the EP's approval

Everyone in the EU says,  'we don't want the American way of life',

but we do want the Americans  to deal with us on same level.

Sceptics say the economies on both sides  would only be boosted by around 1%,

the pact would weaken the WTO and the  EU’s trade relations with other countries.

We will not abandon any of the other  negotiations we are dealing with.

Even a slight increase in trade  will bring about a huge added value

in terms of growth and jobs  on either side of the Atlantic.

President Barack Obama  has given it his backing.

Pushing through a deal  before he leaves office

could be the long-lasting  economic legacy of his presidency.