The International Trade Committee of the EU Parliament meets this morning to consider inputs from other committees. Our greatest interest will be the views of the Agriculture Committee and how many of their proposals are adopted.

As always there are compromises made, though the Agriculture Committee has been forceful on their red line issues around standardisation of production systems with a particularly tough line on accepting hormone users Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. These countries cover about 40% of the world economy.

The contentious issues in the US were fears of currency manipulation damaging US companies and an “investor-state dispute settlement" mechanism; a tool allowing firms to sue for damages over government actions that harm investments. Both of these amendments were rejected.

The US Senate has also cleared the way for a so-called ‘fast-track’ trade bill, meaning trade pacts can pass without Congress making amendments. While this could ease the passage of a future EU-US free trade agreement from the US side, the more immediate beneficiary will be for the Trans Pacific Partnership (TPP) discussions. These disussions have been ongoing for five years and involves a proposed free trade agreement between the US and Australia and Brunei.

What this means is that any future vote on TPP would only be on an accept/reject basis, with no further facility to propose amendments. If the Senate and House of Representatives give President Obama the authority to function on the Commission and conclude this deal, the logic suggests that they will do the same for TTIP.

In Europe it is the Parliament which has the control. Its approval is needed for any agreement, but there could be pressue for Europe to follow the USA's suit. There is no doubt that the American President is working on his legacy at this stage and with health care dominating his first term, he has little to point to during the second term to date.

Having a favourable trade agreement with the main global trading partners of the US before he leaves office would be ideal.