Though I’m not a fan of preferential trade agreements (PTAs), as I think unilateral and multilateral tariff reductions are the better way to go, Bloomberg View makes a solid case for EU-U.S. free trade agreement:

Although the remaining tariffs on goods are comparatively low (5 percent to 7 percent, on average), bringing them to zero would increase U.S.-EU trade by more than $120 billion within five years and generate combined GDP gains of about $180 billion, according to a study by the U.S. Chamber of Commerce, which, along with its European counterpart, BusinessEurope, is pushing hard for a comprehensive agreement. Further, more than one-third of transatlantic trade is conducted between affiliates of the same companies, and eliminating the tariffs they pay would make companies on both sides more competitive.
There are even larger prizes to be had from pruning regulatory barriers to trade — the myriad restrictions on the sometimes specious basis of health standards, national-security concerns or consumer protection. A study by ECORYS that was commissioned by the European Commission showed that eliminating just half of these so-called non-tariff barriers would increase GDP by 0.7 percent in the EU and by 0.3 percent in the U.S.
The recognition of this codependence — and its potential to provide pain-free stimulus — should be reason enough for trade officials to recommend moving ahead with a free-trade agreement.

I would go further: I’d actually like to see the U.S. liberalize its immigration restrictions for at least some EU member-states. But this is, I strongly suspect, a political non-starter.