We have got the ball rolling: now the European Union can finally begin formal talks on a trade agreement with the United States. I very much welcome this important step. Unfortunately we have lost a lot of time since the promising negotiations on the Transatlantic Trade and Investment Partnership (TTIP). Trade is a fundamental part of the transatlantic partnership. Only together can we remove trade barriers to create more prosperity and future viability and avoid a looming trade conflict in the long term. Now the two sides need to sit down at the table quickly and start negotiating the details. We have no time to lose.