Published: Mon, 20 April 2015
EU-US trade deal would significantly boost Irish exports
Seán Kelly MEP welcomed continued negotiations on the EU-US Transatlantic Trade and Investment Partnership (TTIP) deal, which could significantly boost Irish exports, as the latest round of negotiations got underway in New York today (Monday).
Mr Kelly, Ireland’s only member of the European Parliament’s high-level International Trade Committee, says TTIP will tear down trade barriers, open up investment opportunities, boost EU exports and particularly benefit SMEs:
“TTIP could lead to a €250 billion or 2 percent increase in EU GDP – equating to an annual extra €500 per European family, and the creation of over 2 million jobs across Europe,” he said.
“80% of all Irish produce is exported, with 21% of goods exports going to the US, our biggest trading market. TTIP is especially significant as it could vastly expand the export opportunities for the many Irish companies, with predicted 2.7% overall increase in exports. If competitive EU companies can sell more products, it means they can hire more employees and contribute more to the economy.”
“TTIP also aims to cut unnecessary regulatory duplication which costs businesses, and ultimately consumers, money – without lowering any environmental, labour or consumer standards and only ensuring regulatory coherence and alignment. High standards on both sides of the Atlantic will be preserved and the regulators are working hard to ensure both sides reach optimal outcomes whilst taking these standards into consideration.
“As with every agreement, certain confidentiality conditions remain, however the negotiations are becoming more transparent, a great number of public hearings and consultations with Member States and the European Parliament have taken place and the trend continues.”, said the Ireland South MEP in Brussels ahead of today’s launch of the ninth round of TTIP talks, which come just before the US Presidential election campaign heats up.
Mr Kelly has also urged negotiators to create a balanced TTIP which will promote employment and growth in Ireland and in Europe.
“It is essential that we secure a reciprocal market, with less trade barriers and mutually beneficial investment opportunities,” he continued.
“Securing such a highly complex deal is no small task. While there are concerns regarding certain elements of the talks, the Commission continues to consult all EU Member States and the EP throughout the process and I am glad to see continued TTIP discussions both within Europe and between EU and US negotiators.”