Dáil Éireann Debate, Friday - 16 September 2016
1881. Deputy Paul Murphy asked the Minister for Jobs, Enterprise and Innovation her views on calls for a suspension of TTIP negotiations between the EU and the USA at the upcoming meeting of trade ministers in view of the reported comments from the French trade Minister (details supplied); and if she will make a statement on the matter. [25468/16]
View answer1902. Deputy Seán Crowe asked the Minister for Jobs, Enterprise and Innovation if her attention has been drawn to the comments of Germany's Vice-Chancellor and economy minister, Sigmar Gabriel, who said that talks over Transatlantic Trade and Investment Partnership (TTIP) have failed; her views on his statement; and if Ireland will refuse to support the continuation of the TTIP negotiations. [26294/16]
View answerI propose to take Questions Nos. 1881 and 1902 together.
The EU-US Transatlantic Trade and Investment Partnership Agreement will be the world’s largest bilateral trade and investment deal, and a successful pact is expected to benefit Ireland more than any other EU Member State. It is very important to Ireland as it will build on the deep economic and wider relationship Ireland has with the US and create new opportunities to stimulate growth, create employment and continue to grow our economy.
Given our historic economic and cultural ties, Ireland’s enterprises are particularly well placed to take up opportunities to trade more easily with the US. The study estimates that the 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. The findings are backed up in a recent comprehensive interim independent report contracted by the EU Commission, carried out by Ecorys Consultancy and published on the 13th May 2016. The report estimates that a comprehensive agreement would boost Irish GDP by 1.4%.
The issue of growing market share in other markets is made even more important by the result of the recent UK referendum on its membership of the EU. An EU-US free trade agreement and the EU’s other trade agreements help to open new markets, break down barriers and provide new opportunities for Irish firms.
While some have questioned the basis for continuing the negotiations, I believe that the EU and the US can work to reconcile any of the identified trade differences. I share the view of many other Member States and of the EU Trade Commissioner Cecilia Malmström, whom I met last week, that negotiations should continue and I look forward to further progress in the coming months.
