U.S. and European officials are in talks to join together to create the world's largest free trade agreement. The agreement would help boost both economies, but it is just in the preliminary stages right now. Negotiations could begin as early as next year. Two issues that are currently holding negotiators back are the EU's carbon trading scheme that could penalize airlines for not meeting EU standards, and also the EU restrictions on genetically modified foods and pesticides. US labor unions are supporting this deal because the European social welfare and the environmental standards are better than those in the US. They favor a trade agreement with the EU more than they would a developing country because American workers would be at a competitive disadvantage due to the lower wages and inferior labor standards in those countries. In five years, this trade agreement could add up to $180 billion to both countries' economies.
I think it would be a good idea for both countries to keep moving forward with this deal. It would help both countries when they are both struggling with their economies. It says that it would help the US a little more than the EU, but both can use all the help that they can get. I also think that since the EU has restrictions on genetically modified foods and pesticides that it could help make natural foods more affordable in the US and make it easier for Americans to eat healthy.
http://www.usnews.com/news/politics/articles/2012/12/11/us-eu-considering-worlds-biggest-free-trade-pact
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