Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
The biggest trade deal in world history is on the table as the U.S. and European Union formally begin to discuss a free trade agreement.
The two entities mark the world’s two biggest economies and current trade between the groups is around $613 billion a year.
The move would eliminate or significantly reduce tariffs. The average tariff between the U.S. and EU is around 3% with individual tariffs significantly higher (such as on food.) The agreement would also lower regulatory barriers for trading which could be a sticking point as both sides want to maintain their regulatory integrity.
A free trade agreement was first discussed in 2003 but analysts say the current economic crisis in Europe gives the continent’s leaders a sense of urgency.
“It’s happening now because there has been seriously depressed growth in the EU, and this will be good news for economic growth,” Steve Davies of the Institute for Economic affairs told the BBC. “On the American side, the critical factor is that Obama is now in his second term, so he doesn’t have the protectionist pressures from US businesses to worry about.”
The EU estimates a “comprehensive” agreement could boost GDP by .5% a year.
