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The United States and the European Union have signed up to a new transatlantic economic partnership at a summit in Washington.
The pact is designed to boost trade and investment by harmonising regulatory standards, laying the basis for a US-EU single market.
The two sides also signed an Open Skies deal, designed to reduce fares and boost traffic on transatlantic flights.
But little of substance was agreed on climate change.
However, EU leaders were pleased the US acknowledged human activity was a major cause.
The two sides agreed to set up an "economic council" to push ahead with regulatory convergence in nearly 40 areas, including intellectual property, financial services, business takeovers and the motor industry.
He shall have power, by and with the advice and consent of the Senate, to make treaties, provided two thirds of the Senators present concur