The European commission that took office at the beginning of November has two overriding priorities: jobs and growth. In pursuit of those goals, increased trade is a no-brainer.

The growth generated by growing trade requires no public money funded by higher taxes or borrowing, no risky or complex financial wizardry. Quite simply, by bringing down barriers to increased trade we enable businesses to find new markets for export and drive down prices for consumers.

Businesses across Europe are already taking advantage of new free trade deals with countries such as South Korea, to which EU exports have grown by 35% in the three years since we signed our agreement. But the greatest prize of all is still to be won: a transatlantic trade deal with the United States or, in official jargon, TTIP: the Transatlantic Trade and Investment Partnership.

Exports today already provide for about 30m jobs across Europe, and these jobs tend to be more highly skilled and better paid. The US and EU are the world’s two biggest markets and trade between them is already huge: as much as £1.6bn-worth of goods and services are traded between the two every day. These flows, and the deep transatlantic networks of investment, together support 13m jobs.

Even so, barriers remain. US tariffs remain high for some products: men’s coats currently face a 16% tariff at US customs, while women’s shirts face a tariff of 45% – extra costs that are passed on to consumers.

TTIP is about who will set global standards for the regulation of goods and services in the 21st century

TTIP is about doing away with those barriers on both sides. We believe that the agreement of a transatlantic trade deal would benefit the European economy in the long run by up to £100bn – £10bn a year to the UK alone – an adrenalin boost for jobs and growth in our countries when we need it the most.

Crucially, the businesses that have most to gain are not large corporations but small and middle-sized enterprises. They don’t have the big firms’ economies of scale or the in-house lawyers to overcome trade barriers.

TTIP is about more than that economic boost, though. It’s also about who will set global standards for the regulation of goods and services in the 21st century. TTIP would strengthen the hand of Europe and America in that process. And that means strengthening our shared Atlantic values, from the fundamentals of democracy and the rule of law, to key areas such as the environment and social standards.

If we don’t lead, others will. The EU and US together still make up around 40% of the world’s economy, but that will change. As the emerging economies surge, the EU and the US will in 10 years’ time no longer be in the same position of strength.

Although the case for TTIP is so strong, it is inevitable that anything as large and complex as a transatlantic free trade deal should give rise to concerns.

To help address them, we are conducting the negotiations with the maximum possible transparency so that people can know what’s going on. For the first time ever, we have published EU negotiating texts and explained them, so everyone can read what TTIP is all about. We are also holding regular meetings with a broad range of outside parties, such as environmental groups and trade unions, as well as representatives from the business side.

We are clear about the bedrock principles of our negotiations. We will never negotiate a deal that would lower our high standards on food safety, health or environmental protection; or allow products on to the European market that can’t be sold today.

And we will never agree or negotiate a deal that would limit the UK’s freedom to run public services like the NHS exactly as it wishes. All EU free-trade agreements include specific clauses to safeguard public services. They have worked well in the past and TTIP won’t change that.

A hotly debated issue in the public debate on TTIP is ISDS, or investor-state dispute settlement – a mechanism for arbitration which has been around since the 1950s, to ensure that investors are treated fairly. It is in our interest to have an international system that ensures legal certainty, transparency and accountability, and we are now carefully examining how a TTIP deal on investor protection could strike the right balance.

And there is a powerful backstop: after negotiators agree a final draft, it will be for the elected governments of all 28 EU countries and the European parliament to decide whether to go ahead with the deal.

One thing is clear: if we want jobs and growth we must act to bring them about. TTIP would bring new prosperity on both sides of the Atlantic and give us the chance to forge high standards for global trade – it is an opportunity not to be missed.