Dáil Éireann Debate, Wednesday - 20 July 2016
63. Deputy Thomas P. Broughan asked the Minister for Jobs, Enterprise and Innovation to report on the possible impact of the Transatlantic Trade Investment Partnership negotiations on Irish businesses and jobs and the possible additional impact of Brexit on these negotiations; if the Transatlantic Trade and Investment Partnership can be paused; and if she will make a statement on the matter. [22542/16]
Amharc ar fhreagraThe 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 our already rewarding economic relationship 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 13 May 2016. The report estimates that a comprehensive agreement would boost Irish GDP by 1.4%.
The Deputy will be aware that the UK decision will not take effect for some time and that the precise implications of the referendum result will now depend on the period of negotiation ahead, involving the UK and our EU partners.
