According to European Union Trade Commissioner Karel De Gucht – the U.S. and EU are making progress on a trade deal. In fact – the details may be spelled out by mid-2014. Tariffs, services, procurement and regulatory issues are reportedly topping the agenda for the proposed agreement. In June – an interim report on the potential scope of the deal is due – with a final document expected by the end of the year. Negotiations could start soon after – and if De Gucht has anything to say about it – could last for as little as 18 months. According to De Gucht – any agreement must be ambitious enough to include all areas of economic importance and realistic enough to be successful within a limited period of time.

According to the German Marshall Fund – the U.S. and EU have trade flows between them of 4.4-trillion dollars annually. A spokesperson for the U.S. Trade Representative’s Office says the two are examining a number of options for expanding transatlantic trade and investment – including a potential comprehensive trade agreement. Attempts to reach agreement between the U.S. and EU have been unsuccessful in the past.