Dáil Éireann Debate, Thursday - 11 July 2013
114. Deputy Andrew Doyle asked the Minister for Jobs, Enterprise and Innovation the financial services regulatory measures he would envisage or hope to see contained within the transatlantic trade and investment partnership deal negotiations that got underway this week; his views on whether any such deal will negatively impact on the financial services industry here that employs thousands of people; and if he will make a statement on the matter. [34069/13]
Amharc ar fhreagraThe EU’s decision to start negotiations with the US on a Transatlantic Trade and Investment Agreement followed the report of the EU-US High Level Working Group on Jobs and Growth which recommended significantly closer trade relations between the two economies of the EU and the US. Assessments made by the EU Commission and other studies show that a comprehensive agreement could over time boost EU GDP by 0.5% per annum.
The negotiating mandate given to the EU Commission to negotiate on behalf of the EU is a broadly based one, which includes financial services. The objective is to ensure that in financial services we remove existing Non-Tariff Barriers, prevent the adoption of new Non-Tariff Barriers and allow greater market access. Negotiations should also aim at common frameworks for prudential co-operation. The EU has a very strong interest in ensuring that financial services are included in the negotiations given the potential opportunities. The market for trade in financial services between the EU and the US is substantial. The scale of business from our financial services sector, and indeed its growth, is already characterised by a high degree of integration. The Irish financial services sector has played a significant part in the development of a transatlantic market in financial services. As formal negotiations between the EU and the US have only just begun this week, it is far too early to anticipate the eventual negotiated outcome of the Agreement.
