All of the current trade deals in the G-8 pipeline are worth over $1 trillion in added global incomes, wrote British Prime Minister David Cameron in a Wall Street Journal op-ed this morning. Cameron is in Washington today to meet President Obama and highlight one of those deals, between the U.S. and E.U., which will be discussed during an April meeting of the G-8 in North Ireland.

The White House is currently pursuing major trade initiatives that would bring down barriers to trade with our single largest trading partner (the EU), with a fast-growing region responsible for almost 40% of global output (the Asia-Pacific region) and for a dynamic sector responsible for four of every five U.S. jobs (the services sector) :

1. Transatlantic Trade and Investment Partnership: More than 13 million jobs on both sides of the Atlantic are supported by trade between the U.S. and Europe.  Liberalizing trade between the world’s two largest economic zones could significantly increase global economic growth. Tariffs between the U.S. and Europe, averaging less than 3%, are already low. Now, the U.S. and E.U. are seeking to address non-tariff barriers, such as differences in regulatory and standards regimes, and increase cooperation on economic development matters.

2. Trans-Pacific Partnership: The region included in Trans-Pacific Partnership represents 11 trading partners, including critical Japan, which does not currently have a Free Trade Agreement with the U.S. Ongoing negotiations are addressing a wide range of issues, including state-owned enterprises, involvement of small and medium-sized businesses in trade, and regulatory transparency and coherence.

3. International Services Agreement: The U.S. has announced it will join 20 other partners in removing global barriers to service-sector trade. Though the U.S. is a top global service exporter, only 5% of U.S. services firms export.  By comparison, one in four U.S. manufacturers exports its goods.