At the G8 Summit, the European Union and the United States have announced plans to start negotiations on a free trade deal next month.

 

　　As CRI's London correspondent Tu Yun reports, the talks could lead to what's being touted as the "biggest trade deal" in history.

 

　　British Prime Minister David Cameron has announced the plan at a news conference following the first round of talks by leaders of the Group of Eight industrialized nations in Northern Ireland.

 

　　Cameron is describing the Trans-Atlantic Trade and Investment Partnership as a once-in-a-generation prize to seize.

 

　　"A deal that could add as much as 100 billion pounds to the EU economy, 80 billion pounds to the US economy, and as much as 85 billion pounds to the rest of the world. We should be clear about what these numbers could really mean: 2 million extra jobs, more choices and lower prices in our shops. We're talking about what could be the biggest bilateral trade deal in history."

 

　　The US and the EU together account for half of all global economic output and a third of all trade.

 

　　The message behind the transatlantic deal, according to President of the European Council, Herman Van Rompuy, is quite simple.

 

　　"The Atlantic is no the past. It is also the future. The EU and its member states are ready to engage and look forward to the new trade landscape we shape together."

 

　　But there is already discord.

 

　　France has been insisting cultural industries be excluded from the negotiations.

 

　　The French side is hoping to protect its movies and online entertainment from the influence of Hollywood and Silicon Valley.

 

　　The final mandate does not include the audiovisual sector.

 

　　But it does give the EU Commission the right to ask member states for a broader negotiating mandate at a later stage.

 

　　Paris's move has prompted fears that Washington might use the French fears to launch their own exemptions into other sectors.

 

　　Still, US President Barack Obama says he's confident of reaching an agreement.

 

　　"This transatlantic trade and investment partnership is going to be a priority of mine and my administration. It's important that we get it right and that means resisting the temptation to downsize our ambitions or avoid tough issues just for the sake of getting a deal. It's important we make sure it's part of an overall plan to do what it takes to promote growth and jobs. Trade is critical, but it's not alone silver bullet, has to be part of a comprehensive strategy that we pursue on both sides of the Atlantic."

 

　　The two sides say they hope to conclude the negotiations by the end of next year.

 

　　The two-day G8 Summit will also focus on other issues, such as combating tax evasion and counter terrorism when the leaders meet for the second day on Tuesday.

 

　　For CRI, I'm Tu Yun reporting from London.