The EU and the US have set course for a Transatlantic Trade and Investment Partnership (T-TIP) that will go beyond anything ever negotiated so far by either sides.

At the G8 Summit, the EU and the US leaders jointly announced the launch of negotiations for a comprehensive trade and investment agreement between the US and Europe.

In times of considerable economic pressure on public budgets on both sides of the Atlantic, more trade and investment are the key ingredients to increase the competitiveness of companies, boost both economies and create job opportunities for the citizens.

A free trade agreement would not only be about reducing tariffs. It would also be about reducing non-tariff barriers and harmonizing the web of regulatory standards that inhibit transatlantic trade and investment flows and add to the cost of doing business on both sides of the ocean.

T-TIP would help create jobs and income for both economies, and spur more cross-border trade and investment in goods and services.

Watch the video of press conference conference to announce negotiations for a new EU-US trade deal here: