AP Photo

At a time of austerity, when many doubt the future military capabilities of NATO allies as defense budgets shrink, a trade accord could reinforce the EU role as a geoeconomic power. Europe has played a critical role, for example in tightening sanctions on Iran well beyond anything the mullahs anticipated. Collaboration with the EU is also key to pressing China to adhere to WTO rules. Acting in economic concert could be a source of leverage for the transatlantic community at a historic moment when power is diffusing to emerging economies like China, India, Brazil and Turkey.