Dáil Éireann Debate, Tuesday - 14 June 2016
627. Deputy Micheál Martin asked the Minister for Jobs, Enterprise and Innovation the status of the latest developments at European Union Council level on the Transatlantic Trade and Investment Partnership; and if she will make a statement on the matter. [10685/16]
View answerThe Transatlantic Trade and Investment Partnership was discussed at the last EU Council of Trade Ministers on 13th May 2016, which I attended.
The Council was informed about the latest developments regarding the EU-US Transatlantic Trade and Investment Partnership negotiations. This included prospects for conclusion of the negotiations under the Obama administration. Member States considered that maintaining a high level of ambition in these negotiations was just as important as the ambitious timetable. They urged the Commission to advance the negotiations, whilst fully respecting its negotiating mandate and the EU interests. While many complex and difficult issues remain to be resolved, both the EU and the US negotiators remain optimistic than a comprehensive and ambitious agreement can be concluded.
This trade deal is important for Ireland. Almost half (49%) of Irish exports outside of the EU end up in the US, compared to the combined average of 16% for all Member States. 25% of foreign direct investment (FDI) in Ireland comes from the US.
Ireland’s enterprises are particularly well placed to take up opportunities to trade more easily with the US. This will build on our already rewarding economic relationship. It will also generate new opportunities to create employment and continue to grow our economy. Studies have shown that the benefits to Ireland will be proportionally greater than in the EU as a whole.
The Copenhagen Economic Report (2013) suggested that an ambitious EU-US Trade Agreement could boost GDP by 1.1%, grow Irish exports by almost 4%, increase investment by 1.5%, and increase real wages by 1.5%. It estimates a jobs gain of somewhere between 5,000 and 10,000 additional export related jobs could be created. The study predicts new opportunities for many Irish industry sectors including pharmaceuticals and chemicals, Agri-food (notably dairy and processed food), insurance and machinery. The findings are backed up in a comprehensive independent report contracted by the EU Commission, carried out by Ecorys Consultancy and published on 13th May 2016. The report estimates that a comprehensive EU-US trade agreement would boost Irish GDP by 1.4 per cent.
