The commission president expressed optimism that the

negotiations could get under way before Ireland's current rotating presidency of the EU expires at the end of June. He said the final report published on Wednesday by a joint EU-US working group established in 2011 to explore the possibilities for a free trade agreement provided a good framework for future negotiations. EU Trade Commissioner Karel De Gucht said such a transatlantic economic alliance will be "ground-breaking" and the time is ripe to launch the negotiations and to move forward because both sides want to generate growth, create new jobs and overcome their debt crisis. However, the negotiations will be complex and difficult and it may take two years to complete, he said. The main focus will be on dismantling the remaining tariffs and other barriers to trade and to overcome the differences between the two sides in market access. This will be in areas such as public procurement, services and investment besides the need to settle disputes over standards, certifications and technical regulations, the commissioner said. The transatlantic trade and investment partnership will aim to go beyond the classic approach of removing tariffs and opening the markets on investment, services and public procurement, the joint statement said. In addition, it will focus on aligning rules and technical products standards which currently form the most important barrier to transatlantic trade. The transatlantic trade relation is the backbone of the world economy. Together, the EU and the US account for about half of the world GDP (47 per cent) and one-third of global trade flows. Each day, goods and services worth around 2 billion euros are traded bilaterally, contributing to creating jobs and growth in the two economies, the statement said. Latest estimates show that a comprehensive free trade agreement between the EU and the US could bring overall annual gains of 0.5 per cent increase in GDP for the EU and 0.4 per cent increase in the GDP for the US by 2027. This would be equivalent to 86 billion euros additional annual income for the EU and 65 billion euros added annual income for the US economy, the statement said.