Hopes for an EU-US trade deal by 2014

DAVID Cameron yesterday unveiled plans for the biggest bilateral trade deal in history between the EU and the US, with talks due to begin next month.

The UK government claims the deal could be worth £10bn to the UK economy, equivalent to £380 for each household in the country.

The Prime Minister, speaking at the G8 summit in Northern Ireland, called for “rapid progress” on the proposals. Talks are due to begin in Washington next month and it is hoped a deal could be concluded by the end of 2014.

However, the French government has already objected to the plan amid fears their film and music industries could be swamped with US imports.

As a result EU negotiators have provisionally agreed to remove cultural industries from the treaty discussions. This decision has raised fears that other special interest groups could take advantage of this precedent and lobby to be excluded.

US President Barack Obama said he was hopeful political leaders can “look beyond the narrow concerns to stay focused on the big picture”.

His comments were echoed by Cameron who called it “a once-in-a-generation prize” that could create millions of jobs on both sides of the Atlantic.