The top official with the European Union's executive arm said a free trade deal with the United States would be a "game-changer" for the global economy, The Associated Press reported.

European Commission President Jose Manuel Barroso made the statement Monday, June 17 ahead of a formal launch of the trade effort at the Group of Eight Summit in Northern Ireland.

Barroso said that a deal "can be a game-changer, not just for the trans-Atlantic area, the United States and Europe, but for the world."

He added that the EU negotiating stance—which has left out the movie and television industry at French insistence—should not prevent a deal. The opt-out could be revised at a later date.

"What is important, I insist, is the political will on both sides," Barroso said.