Dáil Éireann Debate, Tuesday - 8 July 2014
335. Deputy Thomas P. Broughan asked the Minister for Jobs, Enterprise and Innovation if he will report on current developments with counterparts in European Union member states regarding the Transatlantic Trade and Investment Partnership; and the impact this proposal will have on Irish business and trade. [28990/14]
View answerDuring the Irish Presidency in June 2013, I secured the agreement of all trade ministers in the Council to formally open these negotiations with the US on a Transatlantic Trade and Investment Partnership (TTIP).
The EU Commission is the actual negotiator on behalf of the EU, with the framework set by the Council of Ministers. The EU Commission is obliged to consult the Council on all aspects of the negotiations. This takes place in various formats and at different levels, including Council of Ministers, the Trade Policy Committee, informal technical meetings and bilateral and other meetings. I have participated in all the formal Council meetings so far at which TTIP has been discussed. My officials participate in the Trade Policy Committee and all other technical and official level meetings.
As regards the impact of TTIP on Irish business and trade, my Department recently engaged Copenhagen Economics to examine the economic and other impacts of TTIP and related potential opportunities. The focus of this study is to identify key areas and sectors of the economy that will be impacted by TTIP. This work will help to inform our input to the European Union’s negotiating position and to identify appropriate policy responses to be deployed to maximise the potential of this historic agreement and provide an assessment of the longer term implications for enterprise policy.
The Conference on TTIP that I hosted in Dublin Castle on 20 June, to which Oireachtas members from relevant Joint Committees were invited, heard some preliminary findings from Copenhagen Economics that indicate a comprehensive trade and investment deal between the EU and the US could lead to a 1.1% increase in Irish GDP. Other preliminary findings included benefits for Ireland including increased exports (2.7%) real wages (1.4%) and investment (1.6%). The Consultants are expected to finalise the report later this year, and this should provide a more comprehensive picture of the gains that could be realised for the country.
As the negotiations advance, I will continue to look for an agreement that is comprehensive and balanced, and one that delivers real trade and economic potential for our economy.
