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The ambassador noted that the United States and the EU engage in more than $2.5 billion in cross-Atlantic trade a day and that U.S. and EU firms hold $2.5 trillion in bilateral investments.

The deal would remove tariffs on many goods and standardize regulations and standards on many products, he said.

Researchers at the Heritage Foundation, however, urged U.S. negotiators to slow down and watch for European tricks to impose higher taxes or burdensome restrictions on American companies.

“There are reasons to be concerned that TTIP will not free trade but, instead, build a trans-Alantic managed market,” the conservative think tank said in its latest report on the negotiations.

The Heritage report noted that bureaucrats at EU headquarters in Brussels impose regulations on member nations and frequently complain if any EU country adopts low taxes to spur economic growth.

“The EU is a bitter opponent of any form of regulatory competition,” said the report’s authors, Ted R. Bromund, Luke Coffey, Rea S. Hederman Jr. and Bryan Riley. “In the EU, lower taxes are viewed as a form of cheating.”

Embassy Row is published on Mondays, Wednesdays and Fridays. James Morrison can be reached at jmorrison@washingtontimes.com or @EmbassyRow.