The last formal round of negotiations around a new EU–US Free Trade agreement, which was the 9th round, took place in New York from 20 – 24 April 2015. I detailed the outcome of this Round in response to the Dáil Question put down by the Deputy on 13 May last. The 10th round is scheduled to take place in Brussels during the week beginning 13 July 2015.
According to assessments made by the EU Commission, a comprehensive free trade deal between the EU and US could over time boost EU GDP by 0.5% per annum bringing significant economic gains as a whole for the EU. This converts into 400,000 jobs across the EU. The 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 growth in Irish exports of almost 4%, increases in investment of 1.5% and 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 small and medium enterprises (SMEs) will be particular beneficiaries.
Ireland clearly has much to gain under an EU-US trade agreement. This Government, therefore, supports the EU Commission in these negotiations. The aim of the negotiations is to achieve an ambitious and comprehensive agreement contributing to growth and jobs in the EU, and this Government's aim is to get the best deal for Ireland that will deliver growth and jobs that will be for the benefit of the long term development of our country.
These negotiations between the EU and the US fall under the EU’s Common Commercial Policy. The EU Commission is negotiating on behalf of all Member States on the basis of a mandate agreed by the Council of Ministers in 2013. Ratification by Ireland of any future agreement will, in due course, be a matter for Dáil Éireann.
