G8 Summit: Talks for landmark US-EU trade deal

Topping the business agenda is the start of talks for a major trade agreement between Europe and US. Some leaders are calling the potential deal a game-changer for the global economy. Leaders from the U.S., Canada, Russia, Japan and the 27 members of the European Union gathered to discuss a range of topics during the two-day summit. While the handling of the Syrian conflict was a thorny issue on day one of the summit, bilateral trade talks between Europe and the U.S. were much more harmonious. UK Prime Minister David Cameron emphasized the deal’s potential role in boosting global growth. "And there’s no better way than by launching these negotiations on a landmark deal between the European Union and the United States of America-a deal that could add as much as a 00 billion to the EU economy, 0 billion to the U.S. economy, and as much as 5 billion to the rest of the world," UK Prime Minister David Cameron said. But opening the door to trade talks is just a first step. "But we cannot expect to harvest new jobs today; we can plant the seeds for the jobs of tomorrow. And that’s exactly what the trade agreement is about," President of European Council Herman Van Rompuy said. European leaders and U.S. President Barack Obama emphasized the need for overcoming sensitive political issues to stimulate growth and create jobs for both regions. "So this Transatlantic Trade and Investment Partnership is going to be a priority of mine and my administration?UTTED SOT {59:55-1:00:05} Trade is critical but it is not alone a silver bullet; it has to be part of a comprehensive strategy that we pursue on both sides of the Atlantic," US President Barack Obama said. European leaders are hoping the proposed partnership will reduce regulatory red tape, streamline manufacturing and integrate two of the largest economies in the world. The Eurozone continues to struggle with high unemployment and fiscal uncertainty from the 2009 global financial crisis and the U.S. economic recovery remains sluggish. "The current economic climate requires us to join forces and to do more with less. More importantly, in doing so, we will remain strong global players who set the standards for the 21st century," President of EU Commission Jose Manuel Barroso said. Obama blamed headwinds from Europe for contributing to the slow U.S. economic recovery. If transatlantic trade partnership happens, the economic fates of the U.S. and Europe will be even more deeply entwined - for better or worse.