March 6th, 2013
07:22 AM GMT
Hong Kong (CNN) – The United States may be on the cusp of the cheapest stimulus package its citizens can imagine - in the form of a free trade agreement with the European Union across the Atlantic Ocean, according to Karel de Gucht, the EU’s trade commissioner.
But Mexico's candidate for the top job at the World Trade Organization said a deal between the two could pose problems in Geneva.
“The challenge that is posed by the negotiations between the EU and the US is enormous,” said Herminio Blanco.
“We think it's a no-brainer that the United States and Europe should be in negotiations to have a comprehensive, ambitious agenda to not only lower tariffs…but also to deal with regulatory issues, to deal with services,” said Myron Brilliant, senior vice president for international affairs at the US Chamber of Commerce to CNN’s Richard Quest.
Responding to Quest’s challenge that such an endeavor could not be achieved in “our lifetime”, Brilliant said he is mistaken.
“I'll tell you why you're wrong about that. The United States needs jobs. We have an OK economy. We've seen a resurgence in manufacturing. We've seen a potential for a reduction of energy prices, right? But we need a global economic agenda.”
In a lively exchange best watched in the video here or above, Brilliant said the biggest impediments to US-EU success for a free trade agreement - already valued at $5 billion - is regulatory.
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