VILNIUS - Negotiations between the European Union and the United States on a free trade agreement may be launched during Lithuania’s presidency of the EU, reports ELTA.
Both sides would have multiple benefits from such an agreement. It would help the U.S. and the EU member states to get out of the economic crisis easier and faster, it is expected. It would also increase their Gross Domestic Product (GDP) and create more jobs.
These issues were discussed in a meeting of Deputy Seimas Speaker and Chairman of European Affairs Committee Gediminas Kirkilas and U.S. Ambassador to Lithuania Deborah Ann McCarthy, who started work early this year.
According to recent estimates, the EU-U.S. agreement would bring enormous benefits annually until 2027 - GDP of the EU would increase by 0.5 percent, while that of the U.S. by 0.4 percent. In the case of the EU it would account for 86 billion euros, and for the U.S. this could reach 65 billion euros of additional annual revenue.