The idea for such a deal is not new. Apart from the enlargement of NATO and the EU to formerly communist countries, no joint project has captured the imaginations of American and European leaders as much as the creation of a transatlantic marketplace. Together, the U.S. and European economies account for approximately 50 percent of global GDP, and the trade, investment, and commerce that passes between them amounts to $5 trillion annually. The sheer size of this relationship provides the logic behind the United States and Europe's continuing to set the economic rules by which the rest of the world abides. Bringing the two economies together in a free trade agreement could unleash growth of 0.5 to two percent of GDP on each side of the Atlantic and create as many as two million jobs in the process.