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Dublin: 5°C Wednesday 20 January 2021

Infographic: This is how much the UK thinks an EU-US trade deal could be worth

World leaders hope to make significant progress on discussions about such a deal at the summit in Lough Erne today and tomorrow.

Click here if you are having trouble viewing this image. Pic: G8 Presidency Twitter

AS THE G8 summit gets under way in Northern Ireland today the UK is hoping that it can take significant steps towards securing a trade deal between the European Union and the United States that could be worth billions to both regions’ economies.

The Transatlantic Free Trade Area (TAFTA) or Transatlantic Trade and Investment Partnership (TTIP) is a proposed free trade agreement between the US and the EU that has been talked about since the 90s without any actual agreement.

One of the main sticking points was French concerns about the effect of a trade agreement on its film and music industry but at a meeting chaired by Ireland last week, EU trade ministers appeared to reach a compromise to allow talks to proceed.

Meanwhile the recent surveillance scandal in the US could come into conflict with the EU’s reputation for strict data protection standards – another potential pitfall to advancing a deal.

The infographic above has been produced by the UK government, which is chairing this week’s G8 negotiations, aiming to set out the economic benefits of a trade deal. The UK will hope to advance discussions significantly today and tomorrow.

Read: PSNI on G8 drones: ‘They actually look like big model aircraft’

Read more of TheJournal.ie’s coverage from the G8 Summit >

About the author:

Hugh O'Connell @ G8

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