The European Union and the United States have entered into negotiations on creating the world's largest free trade zone. The talks had been started at the tough time for the U.S. and the EU relationship that was provoked by the reports saying Washington was spying on its European allies. Germany's Chancellor Angela Merkel, on the one hand, criticized the U.S. Intelligence agencies actions, but on the other hand, pointed out that establishment of such a zone is paramount for both Washington and Brussels. The formal discussion of that matter is being held behind closed doors, and the results have not been announced yet. The adjustment of the document, which will affect half of the global economy and the major part of the total trade volume in the world, will take about a year. If the parties arrive at the consensus, the governments will set the uniform norms and standards for products quality as well as remove trade and customs barriers. According to the analysts, the EU and the U.S. economies will expand by €120 billion and €95 billion correspondingly. The free trade zone will contribute to the development of relations between the European alliance and America and speed up the economic recovery. Even today the annual turnover of Washington and Brussels is estimated at €0.5 trillion. The new agreement is supposed to multiple this amount.