Bruce Stokes, one of Washington’s most closely followed commentators on international trade, profiles the opportunities that enhanced trade ties to Europe could present in his “Balance of Payments” column on www.nationaljournal.com:

The U.S. economy needs jobs. Given Washington’s budgetary constraints and the near exhaustion of monetary policy, economic growth must come from renewed investor confidence and more consumer spending.

Desperate to spark such a revival, businesses are looking to expand markets. Now that Congress has finally approved the free-trade agreements with Colombia, Panama, and South Korea, deepening commercial ties with Europe—America’s largest export market and the most significant foreign investor in the United States—makes sense to a lot of executives even when Greece is on the brink and worries over Italy’s debt are making the euro zone jittery.

Myron Brilliant, senior vice president for international affairs at the U.S. Chamber of Commerce, noted that “the chamber is proposing we undertake negotiations to eliminate all tariffs on goods traded across the Atlantic; another to ensure compatible regulatory regimes; and additional agreements to address investment, services, and procurement barriers to commerce.”

The National Association of Manufacturers has begun internal consultations about a NAFTA-E.U. free-trade agreement. The U.S. Coalition of Service Industries backs a transatlantic free-trade area in services. The TransAtlantic Business Dialogue advocates the establishment of a barrier-free transatlantic market.

Europe is catching the eye of the leading presidential contenders: Despite sounding hawkish notes on China, for example, GOP candidate Mitt Romney favors such a euro deal.

Senior Obama administration officials believe that now is the time to begin a serious discussion with the Europeans about some sort of transatlantic trade and investment initiative. The U.S.-European Union summit scheduled for Nov. 28 may be the place it begins.

The payoff from this effort could prove significant. A 2010 study by the European Center for International Political Economy in Brussels estimated that elimination of all E.U. tariffs on U.S. goods would boost American exports to Europe by $53 billion.

Check out the full column.