The proposed agreement envisaged such measures as zero tariffs on industrial goods by 2010, a free trade area in services, and a bilateral agreement on investment. Notable exclusions, however, included agriculture and audiovisual services. But the transatlantic impulse did not die. Most of the topics covered in the Brittan initiative survived, albeit in a greatly watered down version, and were collectively renamed the Transatlantic Economic Partnership. The document issued at the Birmingham summit was, however, little more than a vague, bare-bones outline of the Transatlantic Economic Partnership.
Discussions are now underway to flesh out an action plan.
Although it is too early to say what the action plan will consist of, a few facts seem clear. This time around, the transatlantic thrust is primarily multilateral. Gone are the would-be bilateral commitments to zero industrial tariffs by 2010, a free trade area in services, and a transatlantic investment agreement. There may be new language on worker rights. The prickly question of sanctions is addressed in a separate document, Transatlantic Partnership on Political Cooperation .