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

European Commission President Jose Manuel Barroso made the statement Monday 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.