As the Deputy may be aware, in June 2013, EU Member States authorised the European Commission to commence trade and investment negotiations with the US and those negotiations are ongoing. The purpose of the trade negotiations is to reduce barriers to trade and investment in order to generate jobs and growth. Ireland stands to gain significantly from this because of the existing significant flows of trade and investment between Ireland and the US and briefing and update material on these negotiations can be found on the website of the Department of Jobs, Enterprise and Innovation https://www.djei.ie/en/. I can assure the Deputy that conclusion of an agreement will have no impact on the public policy approach adopted by Ireland in the area of exploration for hydrocarbon resources.
The scope of the EU Commission’s mandate to negotiate with the United States includes investment protection and investor state dispute settlement. Countries sign such agreements in order to set out certain ground rules when foreign companies invest on their territory. The EU Commission’s mandate to negotiate clearly provides that the objectives of any investment protection provisions would be without prejudice to the right of the EU and Member States to adopt and enforce measures necessary to pursue legitimate public policy objectives such as social, environmental, security, stability of the financial system, public health and safety, in a non-discriminatory manner.
