According to assessments made by the EU Commission, a comprehensive Free Trade deal between the EU and US could over time boost EU GDP by 0.5% per annum bringing significant economic gains as a whole for the EU. This converts into 400,000 jobs across the EU. An independent study commissioned by my Department carried out by Copenhagen Economics estimates that these benefits in Ireland will be proportionally greater than in the EU as a whole. It suggests growth in Irish exports of almost 4%, increases in investment of 1.5% and increase in real wages of 1.5%. It estimates somewhere between 5,000 and 10,000 additional export related jobs.
IDA Ireland was represented on the steering group that was chaired by my Department to oversee the Copenhagen Economics study. It is standard practice to have a steering group in any commissioned research which involves public funds. The role of the steering group was also to ensure that any data or information required by Copenhagen Economics was provided, and also to see that the terms reference were adhered to.
IDA Ireland supports an EU/US Free Trade deal (TTIP) and the potential for the increased investment which accompanies greater trading flows as identified by the Copenhagen Economics study. IDA Ireland also welcomes the expected 3.5% increase Irish exports from the FDI sector and the expected positive employment and productivity impacts.
My Department will continue to liaise with relevant Government Departments and agencies as the negotiations proceed to ensure Ireland's position is optimised under the terms of any emerging deal.
