Michel Barnier: Creating free trade deal with US could take three years (FULL Interview)

A drive to create the world’s largest free trade zone could take up to three years, it’s been claimed.

European commissioner Michael Barnier, in an exclusive interview with euronews, called for the agreement to be “fair, free and balanced”.

Barnier, commissioner for internal market and services, said the discussions were complex and could take one, two or even three years to complete.

Direct tariffs on goods and service are already low between the US and Europe, but there are other barriers — such as regulatory and safety standards — that, if lifted, could reduce the costs of doing transatlantic business.

The interview with Barnier was the culmination of a special month on the single market, which has seen the European Union ask for views on the issue.

The debate has focused on four main themes around the economic crisis: employment, social rights, banking and e -commerce.

The single market , established in 1992, involved 345 million people in 12 countries. It has open borders for people , services and goods. The single market then was responsible for about €800 billion of trade.

Today, 28 countries are part of the single market , which now includes 500 million people . It generated €2,540 billion of trade in 2010.

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