By Daniel Hunter

Today the US-EU High Level Working Group published its recommendations on jobs and growth.

Based on its recommendations, President Obama, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso have announced that the US and EU will each begin the necessary procedures to launch negotiations for an EU-US free trade agreement.

Responding to this announcement, Lord Green, Minister for Trade and Investment, said: "I strongly welcome today's important steps towards negotiations between the EU and USA for a comprehensive free trade agreement. This is a once-in-a-generation opportunity to liberalise trade fully between the world’s two largest trading blocs.

"An agreement could boost the European economy by more than £50bn - the biggest prize from any trade deal currently underway. We need to make sure that negotiations aim for the most ambitious deal possible to bring benefits for businesses on both sides of the Atlantic. The Government is committed to achieving this and that is why the Prime Minister is making trade a cornerstone of our G8 Presidency this year."

'Open to Export' is a UK Trade & Investment (UKTI) initiative in partnership with hibu plc (formerly Yell Group).

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