this is the most ambitious trade agreement being worked on in 20 years. usually the chances for this would be slim to none, but with governments on both sides in dire financial straits it could actually happen.

Goods already flow freely between the United States and the E.U. Much of the value of a free-trade pact would come through reducing regulatory red tape so that — for example — the 2 sides would adopt common policies on food safety, pharmaceutical testing, patents and other complex regulatory issues.

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