<Tr> <Th> Direction of trade </Th> <Th> Goods </Th> <Th> Services </Th> <Th> Investment </Th> <Th> Total </Th> </Tr> <Tr> <Th> EU to US </Th> <Td> € 260 billion </Td> <Td> € 139.0 billion </Td> <Td> € 112.6 billion </Td> <Td> € 511.6 billion </Td> </Tr> <Tr> <Th> US to EU </Th> <Td> € 127.9 billion </Td> <Td> € 180 billion </Td> <Td> € 144.5 billion </Td> <Td> € 452.4 billion </Td> </Tr> <P> In 2007, a Transatlantic Economic Council was established to direct economic cooperation between the two . It is headed by the US . Deputy National Security Advisor for International Economic Affairs and the EU's Commissioner for Trade . However, it is yet to produce solid results . A Transatlantic Free Trade Area had been proposed in the 1990s and later in 2006 by German Chancellor Angela Merkel in reaction to the collapse of the Doha round of trade talks . However, protectionism on both sides may be a barrier to any future agreement . Recent developments have seen the proposal of a new agreement called the Transatlantic Trade and Investment Partnership (TTIP) between the US and the EU . This agreement has the aim of fostering economic growth through bilateral trade and investments . </P>

What connections do the us and europe share