Talks on a trade deal between the U.S. and the European Union, which could be the biggest bilateral deal ever, will begin in Washington next month.

"We intend to move forward fast," European Commission President Jose Barroso told reporters today at the start of the Group of Eight summit in Lough Erne, Northern Ireland. He was standing alongside President Barack Obama, EU President Herman Van Rompuy, and their host, U.K. Prime Minister David Cameron.

"We're talking about what could be the biggest bilateral trade deal in history, which would have an impact bigger than all the other trade deals put together," Cameron said. Both sides already have goods and services trade valued at $2 billion a day.

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