Dáil Éireann Debate, Tuesday - 3 November 2015
368. Deputy Dara Calleary asked the Minister for Jobs, Enterprise and Innovation for an update on the discussions on the transatlantic trade and investment partnership; and if he will make a statement on the matter. [38152/15]
View answerI am pleased to report that negotiations between the EU and the US on trade and investment have accelerated and solid progress has been made.
The 11th round in these negotiations took place in Miami from 19th – 23rd October, 2015.
During this round negotiators discussed all three pillars of the proposed agreement namely market access for EU and US companies, regulatory cooperation and trade rules.
There was substantial progress on market access for EU and US companies in all three areas including tariffs, services and public procurement. A second tariff offer was exchanged and both sides have now arrived at a level of proposal in terms of tariff line coverage which will assist and benefit further negotiations. There was also discussion in relation to public procurement and it is envisaged that there will be an exchange of market access proposals on public procurement by February 2016.
The negotiations also provided an opportunity to clarify some of the main principles of regulatory cooperation. These included the fact that any cooperation is possible only if the level of protection for consumers stays the same or improves and any form of regulatory cooperation will not change or affect the EU regulatory and democratic process.
In line with the new EU Trade Strategy, the EU also tabled its proposal for sustainable development, including on labour and the environment and also discussed rules for trade facilitation, competition, energy and raw materials and others. Negotiators on both sides remain positive and expect further substantial progress by early next year.
According to assessments made by the EU Commission, a comprehensive EU-US trade agreement could over time boost EU GDP by 0.5% 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 a boost to GDP of 1.1%, growth in Irish exports of almost 4%, increases in investment of 1.5%, and an increase in real wages of 1.5%. It estimates somewhere between 5,000 and 10,000 additional export related jobs.
It also suggests that Irish SMEs will be particular beneficiaries. Many of these are part of European supply chains where their exports to the UK, Germany or elsewhere to the EU, feed into Europe’s exports to the U.S. In these negotiations, Ireland will seek to have opportunities created in the agreement where we have clear strengths, and we will seek to defend our interests where we have sensitivities.
As an economy that lives and grows by the freedom to trade, we have first-hand experience of how trade liberalisation has continually shaped and reshaped our economy. We have used openness to trade in the past, and will continue to use it, as an instrument for structural reform, modernisation and development, creating new opportunities for innovation and stronger productivity growth with higher skilled jobs throughout the economy.
At the Council of Trade Ministers scheduled to meet on 27 November in Brussels, I will have the opportunity to discuss progress on these negotiations with Commissioner Malmström and with EU Council colleagues.
