Eoghan Murphy
Question:69. Deputy Eoghan Murphy asked the Minister for Jobs, Enterprise and Innovation his position on the proposed transatlantic trade and investment partnership. [4085/15]
View answerThursday, 29 January 2015
Questions (69)
Written answers
Together the EU and the US account for almost half of world GDP and 30% of world trade. The purpose of the negotiations on the Transatlantic Trade and Investment Partnership (TTIP) is to reduce barriers to trade and investment in order to generate jobs and growth in the EU and the US. The government fully supports this objective.
According to assessments made by the European Commission and other European bodies, a comprehensive TTIP could over time boost the EU's GDP by 0.5% per annum, resulting in 400,000 additional jobs across the EU.
Ireland has particularly strong economic links with the US, with over 118,000 people employed in 585 US companies here. The total level of trade (imports and exports) between Ireland and the US in 2012 was €55 billion. The US is Ireland biggest merchandise export market. The most recent data from the CSO shows that Ireland’s services exports to the US increased by 40% in 2012. Notwithstanding the present high level of trade, significant benefits could be derived from a comprehensive and ambitious TTIP.
My Department commissioned a study on the potential impact of the TTIP for Ireland. This study is intended to assist in guiding the Irish position in the negotiations. The study is expected to be finalised shortly and published in early 2015.
The initial findings of the study show that the benefit to Ireland would be more than double the EU average, with 1.1% added to GDP. Other preliminary findings include increased exports (2.7%), increases in real wages (1.4%) and investment (1.6%). Opportunities are expected mainly in manufacturing – pharmaceutical and chemical industry, electrical machinery and other advanced machinery; in certain services and in processed foods.
The European Commission has been taking a much more open and transparent approach to these negotiations, which I believe is important and which I welcome.
The important question of investment protection in the TTIP was the subject of a public consultation by the EU Commission, the results of which were published on 13 January, 2015. http://trade.ec.europa.eu/doclib/press/index.cfm?id=1234.] The EU Commission has stated that it will be discussing the report with Member States and the European Parliament, and with different stakeholders, and that following these consultations, it will develop specific proposals for the TTIP negotiations. I very much welcome this approach, and I believe that it is important to take time to have open and constructive discussion following the Commission’s report that will inform the next steps.