Europe Trade Pact— a hope for world economy

Eurasia News

BERLIN — President Obama’s call for a free-trade agreement between the United States and the European Union has unleashed a wave of optimism on both sides that a breakthrough can be achieved that would lift trans-Atlantic fortunes, not just economically but politically, reports New York Times.

Experts cited tough economic times on both sides of the Atlantic and a perceived need among European leaders for a cause to unify their frayed union as major reasons that an agreement might be reached now, where past efforts have failed. But an even greater consideration, they said, was the growing economic might of China.

“There will be an agreement in the end,” said Claudia Schmucker, head of the globalization and world economy program at the German Council on Foreign Relations. “This will be the first time in 20 years where something can happen.”