The United States and the European Union said they will begin talks for a transatlantic free-trade deal, the Associated Press reported Thursday.
The deal, according to the EU, would be the largest bilateral trade deal ever negotiated and could increase economic output in the U.S. by 0.7% and in the EU by 0.5%, AP reported.
The move was praised by UPS Inc., which said an agreement would boost U.S. exports and open new trade opportunities.
“A stronger partnership in trade between the U.S. and the EU will bring tremendous benefits for U.S. and European exporters alike. UPS is excited about the possibilities of what a U.S.-EU free-trade agreement means to our customers and how it will improve the position of our economies,” said UPS CEO Scott Davis.
The talks were first announced by President Obama in the State of the Union Address in addition to a program to address the nation’s most immediate infrastructure needs and a call for more use of natural gas as a transportation fuel.