Overshadowed by the upcoming American election are reports that the U.S. and European Union (EU) are working towards launching official negotiations on a deal that would further deepen their transatlantic trade partnership.

According to a recent Reuters article, “Europe and the United States are set to launch trade talks early next year to deepen the world’s largest trading relationship.” It goes on to say that, “An expert group co-chaired by EU Trade Commissioner Karel De Gucht and U.S. Trade Representative Ron Kirk will in December issue a report recommending pursuing talks.” An EU official explained that, “The report will recommend the negotiation of a comprehensive agreement between the United States and the European Union.” Last week, the European Parliament also approved a resolutioncalling for talks on a possible trade deal with the U.S. to begin in 2013. The U.S. and EU have already made incremental strides with regards to economic integration. With renewed political support, momentum for a transatlantic trade accord is building.