Cameron: next 5 weeks 'crucial' for US-EU trade talks

(WASHINGTON) - British Prime Minister David Cameron said Monday that talks on the proposed US-EU free trade area could be launched by next month's Group of Eight meeting in Northern Ireland.

"President Obama and I have both championed a free trade deal between the European Union and the United States," Cameron told reporters at the White House after talks with US President Barack Obama.

Cameron said that there is "a real chance" that negotiations for the proposed Transatlantic Trade and Investment Partnership could be launched by the June 17-18 G8 meeting.

"So the next five weeks are crucial."

The two sides need to seize opportunities together "to secure a sustainable, economic recovery", he said.

"To realize the huge benefits this deal could bring would take ambition and political will. That means everything on the table, even the difficult issues and no exceptions."

He said such a deal could be worth up to $10 billion pounds ($155 billion) to the British economy annually.