The United States and European Union (EU) have been in talks for years regarding a potential trade agreement. The goal of this agreement would be to increase trade between the two economic powers, while also reducing barriers and promoting mutual interests.
Negotiations between the US and the EU for a trade agreement began in 2013 under the Obama administration, but talks stalled in 2016 due to political changes on both sides of the Atlantic. However, there has been renewed interest in resuming discussions under the Biden administration.
One of the major hurdles in reaching an agreement is the issue of agriculture. The US wants to increase exports of meat and other agricultural products to the EU, but the EU is hesitant to open its markets to those products due to concerns over food safety and animal welfare. On the other hand, the US is opposed to the EU`s strict regulations on genetically modified organisms (GMOs).
Another obstacle is the EU`s desire to include provisions on climate change and human rights in the trade agreement. The EU wants to ensure that any trade deal is consistent with their commitments to fighting climate change and promoting human rights around the world. The US, however, has been less enthusiastic about including these provisions in the agreement.
Despite these challenges, there are potential benefits to a US-EU trade agreement. The US and EU are each other`s largest trading partners, and removing barriers to trade could boost economic growth on both sides of the Atlantic. The agreement could also increase cooperation on regulatory standards, which would make it easier for companies to do business in both regions.
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