After years of disagreements over trade issues the US and the EU are changing tack and considering implementing what would be the world's largest free trade agreement.
Both sides hope that the pact, if carried out, would help their struggling economies.
The discussions are only at the early stages right now and there would be a lot to overcome before such an agreement could be become reality. however, officials on both sides of the Atlantic have already confirmed they would like to see it take place.
Hilary Clinton already signalled interest from the US side.
"If we get this right, an agreement that opens markets and liberalizes trade would shore up our global competitiveness for the next century, creating jobs and generating hundreds of billions of dollars for our economies," Clinton said.
European officials, including EU Commissioner for Trade Karel De Gucht, have also expressed enthusiasm. Both sides are awaiting a report within weeks by a working group they appointed to study the issue. A positive recommendation could lead to negotiations early next year.
Negotiators face a number of hurdles beofre the agreement can come into force, however. The two sides are at loggerheads over the EU's carbon trading scheme for one and, perhaps more importantly, there are a range of agricultural issues to overcome.
For a start the EU has strict regulations surrounding the use of pesticides and GM foods.
Tyson Barker, who directs trans-Atlantic relations at the Washington office of Germany's Bertelsmann foundation, said the agricultural issues are particularly sensitive in France.
"This will not be smooth sailing in Europe, by any stretch of the imagination," he said.
