CEOAFRICA news desk gathered that the EU and US is set to begin a second round of negotiations towards creating the world's biggest free-trade deal.

According to source, this week's talks will cover services, investment, energy and raw materials.

The EU says a deal could bring annual benefits of 119bn euros ($159bn; £99bn) for its 28 member states.

 Mr Schmieding, chief economist at Berenberg Bank, said one area where agreed standards could help bring down costs was in the automotive trade, if the US and Europe could decide on agreed standards for cars.

Although some people have said a deal could weaken existing strong consumer laws on both sides of the Atlantic.

The talks had been earlier scheduled for October, but were postponed because of the US government shutdown.

Together the US and EU account for about $30 trillion (£18.7tn) of annual output - almost half the world's total.

A third round of talks is scheduled for 16-20 December in Washington.

It is hoped that an agreement could be reached by the end of 2014.