London, June 18 (ANI): UK Prime Minister David Cameron has announced plans for 'biggest trade deal' in history between EU and US ahead of the G8 summit.
The deal is expected to be worth 100 billion pounds to the EU economy, 80 billion pounds to the US and 85 billion pounds to the rest of the world creating two million job opportunities worldwide, increase choices and lower prices in shops, BBC reports.
According to the report, US president Barack Obama is hopeful of striking the deal with EU, and said that the first round of negotiations will begin in July.
President of the European Council, Herman Van Rompuy, said that EU and US together form the backbone of the world economy and expanding the trade space further for business opportunity and consumers is common sense.
Accepting France's demand to exclude the film and television industry from the trade deal has solved a threat from its potential veto against the deal.
EU said that the deal will aim at decreasing tariffs and other trade barriers with US and standardize technical regulations and certifications.
The report said that agriculture too will be a significant bone of contention as European agriculture minister has already expressed reservations about the impact a free-trade deal might have. (ANI)