European Union and the United States have decided to start negotiations over a Transatlantic Trade and Investment Partnership. Among other things, the agreement would include a reduction in trade and investment barriers as well as barriers against participation in public procurement projects. If successful, the Partnership agreement would constitute a considerable liberalisation of business activity in an area with 825 million inhabitants and about 45 per cent of world GDP when measured in current exchange rates. We review the transatlantic economic relations especially from the Finnish point of view using statistics, and existing empirical economic research on the effects of a transatlantic free-trade area. We have also made an enquiry to Finnish firms concerning the expected effects on their business activities of a Transatlantic Partnership. The expected effects are clearly positive.