As summer is set to begin, so too are negations between the United States and the European Union on what would be the largest free-trade agreement in history. The Transatlantic Trade and Investment Partnership (TTIP), which will attempt to bolster the strongest trading relationship in the world, is expected to be finalized by the end of 2014.

While the goal of reaching a trading agreement between the two largest economies in fewer than two years is a lofty one, the United States should welcome TTIP as an opportunity to improve its diminishing global competitiveness.

Achieving these goals would be an incredible boost for America’s global competitiveness. The current trade and investment relationship with Europe serves as an integral element of the United States economy. Trade with the EU supported 2.2 million American jobs. Investment in each other’s economy reached approximately $3.7 trillion in 2011. Eliminating trade barriers should trigger substantial economic growth through new job creation and further investment.

The start of these negotiations should and has been welcome on both sides of the Atlantic. A majority of Americans and Europeans surveyed claim they favor more trade and more compatible regulations on goods and services. Additionally anti-American sentiment has dipped in Europe, and more United States citizens now look favorably upon the European Union.

Still, there are certain to be roadblocks to the agreements. Compromises on agriculture will be challenging, as varied regulations such as EU’s restrictions on genetically modified crops must be addressed. There are additional concerns that if the United Kingdom were to leave the EU, a trade agreement would become more challenging.

Yet despite concerns, discussions regarding TTIP are set to begin in the upcoming weeks. The United States Trade Representative (USTR) will be negotiating on behalf of the United States, while the European Commission will be representing the European Union.  Although it is optimistic to say a deal will be reached by the end of 2014, the United States should be encouraged that its global position may again be improving. A comprehensive free trade agreement should create new jobs and investment opportunities, thus bolstering America’s competitiveness in the global economy.

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