British Prime Minister David Cameron held a press conference just before the G8 summit in Northern Ireland to announce a groundbreaking trade deal between the European Union and United States.

Cameron called the deal the “biggest bilateral trade deal in history” and said that a successful agreement would have more impact on world finance than all other world trade deals put together.

“This is a once-in-a-generation prize and we are determined to seize it,” said Mr Cameron. Cameron added the deal could create two million jobs and lower prices across Great Britain.

“Together Europe and the United States are the backbone of the world economy. Opening up that space further for opportunities for business and consumers is simply common sense,” Herman Van Rompuy, president of the European Council, told the BBC.

U.S. President Barack Obama expressed confidence in reaching an agreement.

“There are going to be sensitivities on both sides… but if we can look beyond the narrow concerns to stay focused on the big picture… I’m hopeful we can achieve [a deal],” he said at the press conference.