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The European Union and the USA will soon formal talks on a free trade agreement, the way for the biggest trade deal in history. The two blocs currently for around half the world's economic output. European Commission President Jose Manuel Barroso said discussions could by the end of June. The talks will rounds of negotiations on the many sticking points between the two economic powerhouses. Europe is likely to greater access to many key American industries such as telecommunications and transport. The USA foreign ownership of these. The USA will more involvement in European agriculture, which may not EU farmers.

EU-US trade is presently worth around €455 billion / $613 billion a year. Estimates are that a trade deal could their annual GDP by 0.5%. Mr Barroso said: "A future deal between the world's two most important economic powers will be a game-changer, a strong boost to our economies on both sides of the Atlantic." He : "These negotiations will a standard…for the development of global trade rules." US President Barack Obama was equally enthusiastic about a deal, which he about in his State of the Union address to the US Congress on Tuesday. He said an agreement would, " American exports, American jobs and the playing field in the growing markets of Asia".