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| EU and US free-trade talks launched | EU and US free-trade talks launched |
| (35 minutes later) | |
| The European Union and the US will begin formal talks on a free-trade agreement, paving the way for the biggest trade deal in history. | The European Union and the US will begin formal talks on a free-trade agreement, paving the way for the biggest trade deal in history. |
| European Commission President Jose Manuel Barroso made the joint announcement following President Barack Obama's State of the Union address. | European Commission President Jose Manuel Barroso made the joint announcement following President Barack Obama's State of the Union address. |
| A deal would bring down trading barriers between the two biggest economies in the world. | A deal would bring down trading barriers between the two biggest economies in the world. |
| EU-US trade is worth around 455bn euros (£393bn; $613bn) a year. | EU-US trade is worth around 455bn euros (£393bn; $613bn) a year. |
| Mr Obama announced US support for talks as part of his annual address to Congress on Tuesday, saying a free-trade deal would "boost American exports, support American jobs and level the playing field in the growing markets of Asia". | |
| In a joint statement, US and EU leaders said trade between the US and EU already supported millions of jobs on both sides of the Atlantic. | |
| "We are committed to making this relationship an even stronger driver of our prosperity," the statement said. | |
| It is not clear how long the talks will take, but similar trade deals have involved years of negotiations. | |
| EU Trade Commissioner Karel De Gucht said the deal would focus on bringing down remaining tariffs and other barriers to trade, and standardise technical regulations, standards and certifications. |