“Powerful benefits,” will be gained from the European Union’s Transatlantic Trade and Investment Partnership with the United States (TTIP), said William E. Kennard, United States Ambassador to the European Union. “It’s early. We’re still in the honeymoon period,” he said, adding: “There’s a large, tough hill to climb… we have to work out how to get this done.”
Speaking in the European Parliament at the invitation of the European Conservatives and Reformists political group, Ambassador Kennard said a trade agreement so broad and so ambitious had never been attempted by the USA and the EU. When negotiations are completed, the EU-US agreement will be the biggest bilateral trade deal ever negotiated. The European Commission assesses a direct addition of around 0.5% to the EU's annual economic output.